23.02.202221:05 Forex Analysis & Reviews: Technical analysis of USD/CHF for February 23, 2022

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Overview :

The USD/CHF pair opened below the daily pivot point (0.9206). It continued to move downwards from the level of 0.9206 to the price around the level of 0.9180.

Today, the first resistance level is seen at 0.9206 followed by 0.9264, while daily support 1 is seen at 0.9150.

Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 0.9206.

Therefore, it will be good to sell at 0.9206 with the first target of 0.9150. It will also call for a downtrend in order to continue towards 0.9130.

The major daily support is seen at the 0.9112 level, which represents the third support for this week on the H1 chart.

According to the previous events, we expect the USD/CHF pair to trade between 0.9206 and 0.9112 in coming hours.

The price area of 0.9206 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.9206 is not broken.

On the contrary, in case a reversal takes place and the USD/CHF pair breaks through the resistance level of 0.6632, then a stop loss should be placed at 0.9296

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