USD/CHF Price Forecast: Trades below 0.8200 after retreating from nine-day EMA barrier
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USD/CHF may target the primary support at the descending channel around 0.8110
Bearish bias strengthens as the 14-day Relative Strength Index remains below the 50 mark.
The nine-day EMA at 0.8207 acts as the primary resistance.
The USD/CHF pair continues to lose ground for the second consecutive day, trading around 0.8170 during the European hours on Thursday. However, the bearish bias is prevailing as the pair moves downwards within the descending channel pattern, indicated by the daily chart’s technical analysis.
The USD/CHF pair falls below the nine-day Exponential Moving Average (EMA), suggesting short-term momentum is weakening. Additionally, the 14-day Relative Strength Index (RSI) remains below the 50 mark, indicating a prevailing bearish bias.
On the downside, the lower boundary of the descending channel around 0.8110 could act as the primary support. Further decline below the channel could reinforce the bearish bias and put downward pressure on the USD/CHF pair to navigate the region around 0.8039, the lowest level since November 2011, which was last seen on April 21.
The USD/CHF pair may test the initial barrier at the nine-day EMA of 0.8207. A break above this level could improve the short-term price momentum and support the pair to explore the area around the descending channel’s upper boundary at 0.8270, followed by the 50-day EMA at 0.8340.
USD/CHF: Daily Chart
Swiss Franc PRICE Today
The table below shows the percentage change of Swiss Franc (CHF) against listed major currencies today. Swiss Franc was the strongest against the Australian Dollar.
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Swiss Franc from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CHF (base)/USD (quote).
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