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USD/CHF Breaks Below $0.920; Suggests a Deeper Correction Lower Towards $0.910

Published on

April 21, 2021

USD/CHF Price Analysis – April 20

USD/CHF retains its near-term bearish stance but the pair needs to break below the $0.91 level to continue its downward movement.

USD/CHF Long-term Trend: Bullish (Daily Chart)

Key levels:
Resistance Levels: $0.930, $0.935, $0.940
Support Levels: $0.900, $0.895, $0.890

USD/CHF is bullish on the long-term outlook. The USD has been weak in terms of currency strength for some days; this is what gives the USD/CHF opportunity to remains under the bear for more than two weeks. The bearish momentum pushed the price to reach the low of $0.913 support level. Looking at the daily chart, the bulls’ momentum is getting weak and the bears are gradually taking over the USD/CHF market. Yesterday’s market was bearish with the formation of a strong daily bearish candle that penetrates the $0.91 level downside.

Would USD/CHF Go Up or Down?

USD/CHF has broken down the 9-day and 21-day moving averages as the price is trading around the lower boundary of the channel, targeting the $0.910 support; it indicates that the bears are increasing their momentum and the price may decrease further. Should bears push down the price below the $0.905 price level; the price is likely to reach $0.900, $0.895, and $0.890 price level. In case the support level of $0.915 level holds, the price may reverse and confront the resistance level at $0.930, $0.935, and $0.940.

Meanwhile, as the red-line of the 9-day moving average crosses below the green-line of the 21-day moving average, the market price may continue to follow the bearish movement. More so, this is also confirmed by the technical indicator RSI (14) as the signal line is seen moving below 40-level bending down to indicate additional sell signals.

USD/CHF Medium-term Trend: Bearish (4H Chart)

USD/CHF is bearish in the medium-term outlook. The currency pair is rejected at the price level of $0.915 and descends to break down the $0.913 support level. A few hours ago, USD/CHF penetrates the barrier at the $0.913 level. At the moment, the bears are exerting more pressure and the price is decreasing towards the support level of $0.910.

Meanwhile, the 9-day MA has crossed the 21-day MA downside while USD/CHF is trading within the two moving averages. However, the technical indicator RSI (14) is above to cross below the 40-level with the signal line pointing down to indicate more sell signals. Should bears push down the price below the 9-day MA, USD/CHF is likely to reach $0.910 and $0.905 support levels. In case the support level of $0.915 level holds, the price may reverse and confront the resistance levels at $0.923, $0.926, and $0.929 respectively.

Lydian
Last Updated : April 21, 2021

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