USD/CHF Price Analysis: Fluctuates nearby familiar levels at around 0.9640s
- USD/CHF is almost flat during the week, with minimal gains of 0.06%.
- The Fed and the Swiss National Bank (SNB) monetary policy meetings are looming, keeping the pair range-bound.
- Short term, the USD/CHF could fall under the 0.9600 mark.
USD/CHF ended Tuesday’s trading session almost flat, with a minimal 0.01% gain, courtesy of broad US dollar strength across the board. Nevertheless, as the Asian Pacific session begins, the USD/CHF is trading at 0.9646, slightly below its opening price by 0.02%, ahead of the Fed and the Swiss National Bank monetary policy decisions.
USD/CHF Price Analysis: Technical outlook
The USD/CHF daily chart portrays the major as range-bound, trading within the 20 and 50-day EMAs, each at 0.9685 and 0.9626, respectively. On Tuesday, the USD/CHF remained subdued due to choppy trading conditions, as it usually happens, with the Fed’s decision looming. The Relative Strength Index (RSI) depicts that the pair is bearish; nevertheless, with the major trading above the 200-day EMA at 0.9486 confirms the neutral bias.
The USD/CHF 4-hour scale portrays the pair as neutral-to-bearish biased. It’s worth noticing that the recent upward impulse encountered resistance at around the 100-EMA at 0.9690, with buyers falling short of reclaiming the 0.9700 figure. Hence, the USD/CHF slid below important EMAs but remained above the two-week up trendline.
If the USD/CHF breaks below 0.9630, that could pave the way for further losses. Therefore, the USD/CHF first support would be the 200-EMA at 0.9623. Once cleared, the next support would be the confluence of the S1 pivot and the 50-EMA at 0.9613, followed by the S2 daily pivot at 0.9588.
USD/CHF Key Technical Levels