USD/CHF Price Analysis: Indecision surrounds the pair, with a doji emerging around 0.9410

• USD/CHF is almost sideways, down 0.04% around 0.9410.
• A bullish USD/CHF continuation would be triggered if the pair breaks out of the 200 day EMA, with 0.9500 in play.
• Otherwise, a drop in USD/CHF below 0.9400 would uncover the 100 day EMA.

USD/CHF is holding firm above 0.9400, far from the 200-day EMA, after rallying 1.21% on Tuesday. Furthermore, it is forming a doji around current exchange rates, trading at 0.9414 at the time of writing.

Wall Street continues to trade at a loss. The president of the Federal Reserve of the United States, Jerome Powell, continues to declare before the US Congress with a consistent tone of aggressive line. Therefore, the US dollar (USD) consolidates yesterday’s gains, as shown by the US Dollar Index by 0.09%, at 105.710.

USD/CHF: Price Action

USD/CHF remains sideways, trapped within the 100 and 200 day EMAs at 0.9384 and 0.9449 respectively. The Relative Strength Index (RSI) turned bullish, heading north on Tuesday, indicating that buyers are moving in. However, it has turned sideways lately, in line with USD/CHF price developments. The Exchange Rate shows buyers pausing before trying to attack the 200 day EMA.

If the USD/CHF turns higher again, the first resistance would be the 200 day EMA. The overcoming of the latter would cause a recovery of the pair towards 0.9500. Once the buyers recover the 0.95 figure, the next line of defense for the sellers would be the daily high on November 30 at 0.9547. This could pave the way towards the 21 Nov high at 0.9598 before challenging 0.9600.

As an alternate scenario, the first USD/CHF demand zone would be the psychological barrier at 0.9400, followed by the 100 day EMA at 0.9384. Once broken, the sellers could drag the price towards the 20-day EMA at 0.9331.

USD/CHF Daily Chart

USD/CHF Technical Levels