USD/CHF encounters solid resistance at around 0.9260s

The USD/CHF pair is neutral-downward biased from a daily chart perspective. In the short term, the USD/CHF might fall to the bottom of the range, below 0.9200.

The dollar continued to strengthen versus the Swiss franc on Wednesday, bolstered by US economic data that supported speculations for further aggression by the Fed. Fed officials’ hawkish commentary increased the likelihood of rates being hiked above the 5% threshold. Hence, the USD/CHF is trading at 0.9239 after hitting a daily low of 0.9209.

The USD/CHF pair daily chart portrays the major as neutral to downward biased, though it appears to have bottomed at around the YTD low at 0.9059, and since that day, the pair edged towards 0.9290. The USD/CHF traded sideways within the 0.9130-0.9260 range, unable to conquer the 0.9300 figure, which, once cleared, could open the door to test the long-term daily Exponential Moving Averages (EMAs) at around 0.9397, 0.9460.

According to 4-hour chart, the USD/CHF is range-bound, seesawing around the top of the range at 0.9260, with sellers leaning into that area. If the USD/CHF tumbles below the confluence of the 20/50-Exponential Moving Averages (EMAs) at 0.9214/21, that would cause the pair to decline toward the 0.9200 figure before reaching the lows of February 14 at 0.9135. A decisive breach and the 0.9100 figure would be put into play.