USD/CHF Struggles Under $0.9250 – Is It a Good Sell Now?

USD/CHF is recouping Monday's losses and rebounding from daily lows, as selling failed to establish traction below 0.9200, reaching a daily

Arslan Butt•Wednesday, January 11, 2023•1 min read

USD/CHF is recouping Monday’s losses and rebounding from daily lows, as selling failed to establish traction below 0.9200, reaching a daily low of 0.9194 before succumbing to buying. As a result, the USD/CHF is generating a bullish harami candlestick pattern that has to be confirmed. As a result, the USD/CHF is trading at 0.9234, up 0.25%.

The USD/CHF is returning after failing to extend its losses below 0.9167. The formation of a bullish harami might pave the way for more gains, but it must be verified until the USD/CHF reclaims 0.9292. If that scenario plays out, the USD/CHF will face the 20-day Exponential Moving Average (EMA), which measures bullish/bearish price activity in the pair at 0.9299, followed by the previous week’s high of 0.9409.

Nevertheless, the Relative Strength Index (RSI) stays in the bearish territory while aiming higher, keeping buyers optimistic about higher prices. In an alternate scenario, the USD/CHF major support levels would be 0.9200, backed by the January 9 daily low of 0.9167, before reaching 0.9100.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.