USD/CHF Price Analysis: Ascending triangle keeps sellers hopeful near 0.9150
|- USD/CHF takes offers to refresh intraday low inside bearish chart pattern.
- Failures to cross 200-HMA, descending RSI add strength to bearish bias.
- Bulls need a clear upside break of 0.9180 to retake control.
USD/CHF drops the most in a week, refreshing intraday low to 0.9145 ahead of Friday’s European session.
In doing so, the Swiss currency (CHF) pair justifies repeated failures to cross the 200-HMA while poking support line of a short-term bearish chart pattern, namely ascending triangle.
That said, the USD/CHF sellers need a clear break of 0.9145 to confirm the bearish breakdown, which in turn will direct the pair towards the monthly low of 0.9092. However, November’s bottom of 0.9088 will test the further downside.
Meanwhile, the corrective pullback will initially be challenged by the 200-HMA level of 0.9165.
Following that, the upper line of the stated ascending triangle, also forming ‘double top’, will challenge the USD/CHF bulls around 0.9180.
In a case where USD/CHF rises past 0.9180, the 0.9200 threshold may act as a buffer during the quote’s rally towards January 12 swing low near 0.9230.
USD/CHF: Hourly chart
Trend: Further declines expected
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