USD/CHF Price Analysis: Bounces off 1.5-month low, not out of the woods
|- USD/CHF wavers around intraday high following its U-turn from September 01 low.
- Multiple joints of the key EMAs and technical levels marked during the month probe the recovery moves.
- Fresh selling can aim for 0.9000 psychological magnet.
USD/CHF takes round to the day’s top of 0.9070, currently around 0.9068, while heading into the European session on Thursday. In doing so, the pair nurses the previous day’s losses that dragged it to the multi-day low.
While bullish MACD suggests the pair’s further pullback, strong upside barriers are likely to probe the USD/CHF buyers going forward.
Among them, the first will be a confluence of 100-hour EMA and October 12 low near 0.9086/87, a break of which will direct the pair towards a joint of Tuesday’s high and 200-hour EMA surrounding 0.9105/10.
It should be noted that the 61.8% Fibonacci retracement of October 08 to 21 downside, close to 0.9135, offers an additional upside hurdle to the USD/CHF prices before empowering an upside towards the weekly high of 0.9165.
Alternatively, 0.9050 and 0.9030 can offer immediate supports during the quote’s fresh downside ahead of the August month’s low, also the lowest since early 2015, near 0.8998.
USD/CHF hourly chart
Trend: Bearish
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