USD/CHF Price Analysis: Eyes the bottom of the 0.9220-60 range amid geopolitical jitters
- USD/CHF slides some 0.26% during the North American session.
- The pair remains range-bound at the 0.9220-60 region.
- USD/CHF Technical Outlook: Consolidated amid the lack of a catalyst to break the range.
The USD/CHF retreats from 0.9260 top of the range-bound 0.9220-60, approaching the bottom of the range, courtesy of risk-off market mood. At the time of writing, the USD/CHF is trading at 0.9221.
On Wednesday's overnight session for North American traders, the USD/CHF consolidated around the 0.9240-60 area, followed by a break of the 0.9240 intraday support, which accelerated the downward move towards the bottom of the range mentioned above.
USD/CHF Price Analysis: Technical outlook
The USD/CHF is neutral biased, despite the location of the daily moving averages (DMAs) that lies below the exchange rate. As witnessed by the candlesticks, intense selling pressure lies around the 0.9250-0.9300 area, as portrayed by the last eight candles in the daily chart, which show long wicks above the real bodies.
Therefore, the USD/CHF is neutral-downwards. The first support would be the 100-DMA at 0.9211. Breach of the latter would expose the 50-DMA at 0.9200, followed by the 200-DMA at 0.9171.
Upwards, the first resistance would be 0.9250-65 area. A decisive break would expose December 16, 2021, a daily high at 0.9294, followed by January 31 daily high at 0.9343.
