The USD/CHF currency pair has been subdued in today’s trading session due to a holiday in the United States. At the time of writing, the USD/CHF is trading at 0.9230, below its opening price by 0.12%. The bearish continuation extended today, though it was capped by the 20-day Exponential Moving Average (EMA) at 0.9223.
From a daily chart perspective, the USD/CHF remains neutral to downward biased. On Friday, the USD/CHF reached a new multi-week high but reversed its course and finished with losses of 0.12%. For a bearish resumption, the USD/CHF must clear the 20-day EMA, followed by the psychological 0.9200 mark. A breach of the latter will expose the February 9 swing low at 0.9160, followed by the February 14 daily low of 0.9135, ahead of the 0.9100 psychological level.
Conversely, the USD/CHF first resistance would be the 50-day EMA At 0.9279, followed by the 0.9300 figure. A decisive break and the buyers could send the USD/CHF aiming towards the 100-day EMA At 0.9388, ahead of the 0.9400 mark.
The USD/CHF has been struggling at the 50-day EMA for the past week. This has caused the currency pair to retrace some of its gains from the last week. Despite this, the USD/CHF remains neutral-to-downward biased. However, it could increase once the 0.9300 mark is reclaimed.
Technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are also showing signs of bearishness. The RSI is currently trading at 36.18, suggesting that the USD/CHF is oversold. The MACD is also trading in the bearish territory with a reading of -0.07.
In addition to this, the USD/CHF is trading below its 20-day EMA and the 50-day EMA. This indicates that the currency pair is in a downtrend. The next support level for the USD/CHF is the 0.9160 mark, followed by the 0.9135 mark. The next resistance level is the 0.9279 mark, followed by the 0.9300 mark.
Overall, the USD/CHF is still neutral-to-downward biased, but it could increase once the 0.9300 mark is reclaimed. Technical indicators such as the RSI and the MACD are also showing signs of bearishness. The next support level for the USD/CHF is the 0.9160 mark, followed by the 0.9135 mark. The next resistance level is the 0.9279 mark, followed by the 0.9300 mark. Traders should keep an eye on these levels and wait for a clear break before entering the market.