USD/CHF Price Analysis: Bears eye sub-0.9200 zone on breaking immediate support line
|- USD/CHF takes offers to refresh intraday bottom, fades bounce off nine-month low.
- Downside break of weekly support line, bear cross underpin downside bias.
- Recovery moves remain elusive unless crossing 0.9275 hurdle.
USD/CHF breaks an upward-sloping trend line to welcome bears after the previous day’s brief absence. That said, the Swiss Franc (CHF) pair renews its intraday low around 0.9210 during the early hours of Wednesday morning in Europe.
In addition to the downside break of the two-day-old support line, USD/CHF also cheers bear cross of the key moving averages on the hourly format. The bearish moving average crossover could be witnessed as the 100-Hour Moving Average (HMA) slips beneath the 200-HMA.
It's worth noting that an absence of oversold RSI also signals a smooth road to the south for the pair sellers.
As a result, the USD/CHF pair is all set to revisit the monthly low surrounding 0.9165, which is also the lowest level since March 2022.
In a case where the bears keep reins past 0.9165, the 0.9100 round figure and the previous yearly low around 0.9090 will gain the market’s attention.
On the contrary, the support-turned-resistance line stretched from Monday, around 0.9230 by the press time, guards immediate recovery of the USD/CHF pair.
Following that, a three-day-old trend line resistance near 0.9255 could test the pair buyers.
However, the USD/CHF bulls may remain cautious unless witnessing a clear upside break of the key HMA convergence surrounding 0.9275.
USD/CHF: Hourly chart
Trend: Further downside 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.