USD/CHF Price Analysis: Bears will keep eyes on support trendline from 2015
|- USD/CHF remains on the back foot despite recovering off-late.
- 61.8% of Fibonacci retracement will be on the sellers’ radars.
- Buyers are less likely to take the risk unless revisiting early-2020 levels.
USD/CHF registers 1.36% loss to 0.9260 while heading into the European open on Monday. The pair earlier dropped below the longer-term support line, stretched from May 2015, but fails to stay beneath the same off-late.
As a result, the bears will await a sustained fall below the 0.9260/55 support-zone to aim for 61.8% Fibonacci retracement of the 2015-16 upside, at 0.9115.
During the quote’s additional downside below 0.9115, May 2015 low near 0.9070 and 0.9000 will lure the bears.
On the upside, 50% Fibonacci retracement level of 0.9350 and September 2018 bottom close to 0.9540 can curb the short-term bounce.
However, buyers will remain a sceptic of any run-up below January month low near 0.9615.
USD/CHF weekly chart
Trend: Bearish
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.