USD/CHF PRICE ANALYSIS: BUYERS EYE 0.9110, AS A BULLISH-ENGULFING CANDLE EMERGES
- USD/CHF reclaims the 200-day moving average and sets its sight at 0.9110, the latest cycle low.
- Key resistance levels lie at 0.9100, followed by 0.9110 and 0.9245.
- The major could turn bearish, below 0.9019, with bears targeting the 50-DMA at 0.8939.
The USD/CHF snapped six days of consecutive losses as the Greenback (USD) stages a recovery on news that inflation in the United States (US) remains hot, sparking worries the US central bank would act to curb high inflation. Hence, the major rallied sharply, more than 0.70%, and exchanged hands at 0.9080 as the Asian session began.
The daily chart witnessed the pair bouncing from around one-and-a-half-month lows around 0.8986, with the USD/CHF breaking to the upside, cracking the 200-day moving average (DMA) at 0.9019 on its way north, and reaching a new three-day high at around 0.9088. That said, the next resistance would be the 0.9100 figure. A breach of the latter would expose the September 29 cycle low of 0.9110, which once cleared, the pair could re-test the October 3 high of 0.9245.
On the other hand, a drop below the 200-DMA at 0.9019 could pave the way to test the 50-DMA at 0.8939, before sliding towards 0.8939
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