USD/CHF Price Analysis: Falls below the 200-DMA, briefly pierced under the 0.9100 figure
- The USD weakens against G8 currencies, as shown by the DXY falling 0.21%.
- USD/CHF Technical Outlook: Neutral-bearish biased if it remains below the 200-DMA.
The USD/CHF slumps for the third consecutive day breaks below the 0.9100 thresholds and exchanges hands at 0.9105 at the time of writing. The slide is courtesy of broad US dollar weakness across the FX board, as the greenback is getting hit by all G8 currencies.
The US Dollar Index, a gauge of the greenback’s value against a basket of other currencies, slides some 0.21%, sitting at 94.714, a headwind for the USD/CHF pair.
USD/CHF Price Forecast: Technical outlook
The USD/CHF continued its free fall in the overnight session, dropping from 0.9154, below the S1 daily pivot, reaching a new daily low at 0.9290, but have faced demand around December 31 of 2021, daily low at 0.9102.
On the downside, USD/CHF’s first support would be the 0.9100 figure. A breach of the latter would expose November 2, 2021, a daily low at 0.9085, followed by August 4, 2021, a daily low at 0.9018.
To the upside, the USD/CHF’s first resistance would be the confluence of an upslope trendline broken on January 12 and the 200-DMA around 0.9160-70. A decisive break of that area would expose 0.9200, followed by December 15, 2021, pivot high at 0.9294.
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