USD/CHF PRICE ANALYSIS: RETREATS FROM WEEKLY HIGHS AMIDST ONGOING CONSOLIDATION

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USD/CHF halts its rally to just two days, retraces from weekly highs reached on Monday at 0.9109, shy of testing the 100-day Exponential Moving Average (EMA) at 0.9117. Therefore, the USD/CHF is trading at 0.9058, below its opening price by 0.34%.

USD/CHF Price Analysis: Technical outlook

The USD/CHF daily chart is neutral to downward biased but cushioned on the downside by the presence of the 50-day Exponential Moving Average (EMA) at 0.9041, immediately followed by the 20-day EMA at 0.9039. Conversely, USD/CHF's first resistance is the weekly high, followed by the 100-day EMA and April 10 high at the 0.9117/20 area, tested three times. However, the USD/CHF remains trading below the latter since the end of March 2023.

If USD/CHF would resume its downtrend, it needs a decisive break below the June 9 swing low of 0.8980. Once cleared, the USD/CHF would slide toward June 9, 2021, a low of 0.8925, before testing the 0.8900 figure.

Conversely, for a USD/CHF bullish continuation, the pair must claim the 0.9120 area. Once broken, the USD/CHF next supply zone would be the April 3 high at 0.9196 before challenging the 0.9200 handle


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