USD/CHF Price Analysis: Indecision surrounds the major with a doji emerging around 0.9410
- USD/CHF is almost flat, retraces 0.04% at around 0.9410s.
- A USD/CHF bullish continuation would trigger if the major cracks the 200-day EMA, with 0.9500 up for grabs.
- Otherwise, the USD/CHF falling below 0.9400 will expose the 100-day EMA.
The USD/CHF is firm above 0.9400, shy of the 200-day Exponential Moving Average (EMA), after rallying 1.21% on Tuesday. Also, it’s forming a doji around current exchange rates, trading at 0.9414 at the time of typing.
Wall Street continues to trade with losses. The US Federal Reserve Chair Jerome Powell continues to testify against the US Congress with a consistent hawkish tone. Therefore, the US Dollar (USD) consolidates yesterday’s gains, as shown by the US Dollar Index up 0.09%, at 105.710.
USD/CHF Price action
The USD/CHF remains sideways, trapped within the 100 and the 200-day EMAs, at 0.9384 and 0.9449, respectively. The Relative Strength Index (RSI) turned bullish, aimed north on Tuesday, indicating buyers are moving in. However, as of late turned flat, consistent with the USD/CHF price action. The Rate of Change (RoC) portrays buyers taking a breather before attempting to attack the 200-day EMA.
If the USD/CHF resumes upwards, the first resistance would be the 200-day EMA. A breach of the latter will send the pair rallying toward 0.9500. Once buyers reclaimed the 0.95 figure, the seller’s following line of defense would be the November 30 daily high at 0.9547. That could pave the way towards the November 21 high at 0.9598 before challenging 0.9600.
As an alternate scenario, the USD/CHF first demand area would be the 0.9400 psychological barriers, followed by the 100-day EMA at 0.9384. Once cleared, sellers could drag prices toward the 20-day EMA at 0.9331.
USD/CHF Daily chart
USD/CHF Technical levels