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27 Sep 2023

USD/CHF Price Analysis: Holds below the 0.9200 mark amid overbought condition, Swiss data eyed

  • USD/CHF gains momentum around 0.9165, the highest since April.
  • The overbought RSI condition indicates that further consolidation cannot be ruled out.
  • A psychological round mark at 0.9200 is the first resistance level; 0.9128 acts as an initial support level.

The USD/CHF pair holds positive ground for seven straight days during the early European session on Wednesday. As of writing, USD/CHF is up 0.09% on the day at 0.9165. Market participants await the Swiss ZEW Survey and Swiss National Bank (SNB) Quarterly Bulletin on Wednesday for fresh impetus ahead of the US consumer inflation on Friday.

Technically, USD/CHF holds above the 50- and 100-hour Exponential Moving Averages (EMAs) with an upward slope on the four-hour chart. This indicates that the path of least resistance for the pair is to the upside. The Relative Strength Index (RSI) holds in bullish territory above 50. However, the overbought RSI condition indicates that further consolidation cannot be ruled out before positioning for any near-term USD/CHF appreciation.

The first resistance level for USD/CHF is located at 0.9200, representing a psychological round figure and a high of March 30. A break above the latter will see a rally to 0.9245 (a high of March 22) en route to 0.9300 (a high of March 17 and round figure).
Looking at the downside, a low of September 26 at 0.9128 acts as an initial support level for USD/CHF. Further south, the next stop is seen near the 50-hour EMA at 0.9053. Any intraday pullback below the latter would expose the next contention at 0.9035 (the lower limit of the Bollinger Band), followed by 0.8990 (the 100-hour EMA).

USD/CHF four-hour chart

 

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