USD/CHF PRICE ANALYSIS: RALLIES BACK ABOVE 0.9250 RECLAIM THE 20-DMA AS BULL’S EYE THE 50-DMA

WikiFX | 2023-02-06 18:11

Abstract：The USD/CHF is moving sharply during Friday’s North American session, as Wall Street is set to finish the last trading day of the week with losses. Therefore, the USD/CHF is trading at 0.9260, above its opening price by 1.42%.

Highlight

• The US Dollar strengthens across the FX space, a tailwind for the USD/CHF.

• USD/CHF Price Analysis: Shifted to neutral biased once buyers hurdle the 20-DMA.

The USD/CHF is moving sharply during Fridays North American session, as Wall Street is set to finish the last trading day of the week with losses. Therefore, the USD/CHF is trading at 0.9260, above its opening price by 1.42%.

USD/CHF PRICE ANALYSIS: TECHNICAL OUTLOOK

On Friday, the USD/CHF rally broke two downslope resistance trendlines, which would pave the way for further losses. In addition, the 20-day Exponential Moving Average (EMA) at 0.9210 was reclaimed during the uptrend, exposing crucial resistance levels, which, once cleared it, could pave the way for further gains.

The USD/CHF first resistance will be the January 31 daily high at 0.9288. A breach of the latter and the 0.9307, the 50-day EMA is up for grabs., followed by Januarys 12 high at 0.9360.

While on the other side, the USD/CHF first support would be the 20-day EMA at 0.9210. Bears reclaiming the latter would exacerbate a fall below 0.9200, followed by the February 3 daily low at 0.9112.

USD/CHF Key Technical Levels

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