USD/CHF Price Analysis: 100-HMA tests sellers around 0.9000
|- USD/CHF trims early Asian gains while keeping Friday’s pullback from December 01.
- Bulls need to regain above the previous support line, sellers can look towards key Fibonacci retracement supports.
USD/CHF eases to 0.8996 while trimming the early Asian gains during the pre-European session trading on Monday. In doing so, the quote wavers around 100-HMA but keeps Friday’s downside break of an ascending support line from January 02.
As a result, USD/CHF sellers remain hopeful to attack the 50% and 61.8% Fibonacci retracement of January 28 to February 05 upside, respectively at 0.8957 and 0.8937.
Though, any further weakness past-0.8937 will need a confirmatory drop below the 0.8900 threshold to keep the USD/CHF bears happy.
Alternatively, clear trading above 100-HMA level of 0.9000 needs to cross the previous support line, at 0.9035 now, to refresh the monthly peak surrounding 0.9045.
In a case where the USD/CHF bulls remain dominant past-0.9045, December’s peak surrounding 0.9095 and the 0.9100 round-figure will gain the market’s attention.
USD/CHF hourly chart
Trend: Further weakness expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.