USD/CHF Price Analysis: Bulls need confirmation from previous support near 0.9650
|- USD/CHF fades bounce off monthly low, sidelined of late.
- Bearish MACD signals, clear downside break of previous support keeps sellers hopeful.
- One-month-old horizontal area, 21-DMA adds to the upside filters.
USD/CHF struggles to defend the previous day’s bounce off a one-month low, floating around 0.9615 during Thursday’s quiet Asian session after snapping a two-day downtrend the previous day.
The Swiss currency (CHF) pair’s inability to cross the 50% Fibonacci retracement (Fibo.) level of March-May upside, around 0.9630, joins bearish MACD signals to challenge short-term buyers.
Also keeping the bears hopeful is the existence of the support-turned-resistance line from March 31 and a monthly horizontal area, respectively near 0.9665 and 0.9700.
Meanwhile, pullback moves could aim for the 50-DMA retest, at 0.9565 by the press time, ahead of challenging the 61.8% Fibo. near 0.9525.
Should the USD/CHF prices drop below 0.9525, the pair sellers won’t hesitate to conquer the 0.9500 threshold while targeting the latest April swing low surrounding 0.9455.
USD/CHF: Daily chart
Trend: Further weakness expected
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