The USD/CHF pair moved lower near 0.9130 during the Asian trading hours on Monday (1/20), pressured by a weaker US Dollar (USD). Cautious market sentiment ahead of the inauguration of President Donald Trump provided some support to the safe-haven flows, which benefited the Swiss Franc (CHF).
Technically, USD/CHF maintains the current bullish sentiment as the price is well supported above the 100-day Exponential Moving Average (EMA) on the daily chart. Moreover, the upside momentum is supported by the 14-day Relative Strength Index (RSI), which is located above the midline near 60.50, suggesting that further upside appears favorable.
A key resistance level for USD/CHF emerges at 0.9200, which marks the psychological level, the January 13 high, and the upper boundary of the Bollinger Band. Any follow-through buying above this level could open the way towards 0.9225, the May 1 high. The next upside barrier is seen at 0.9300, the high of March 17, 2023.
On the flip side, an initial support level is located at 0.9082, the low of January 15. A further decline below this level could expose a major resistance level at 0.9000, the round number. Additional downside filters to watch are 0.8980, the lower boundary of the Bollinger Band, followed by 0.8874, the 100-day EMA.(AL)
Source: FXstreet
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