USD/CHF Price Analysis: Bulls step back from 0.9265 hurdle
|- USD/CHF refreshes intraday low while consolidating the biggest daily gains in a month.
- 100-SMA, 38.2% Fibonacci retracement of November’s upside challenge immediate advances.
- 200-SMA, monthly support line restrict short-term losses, Fibo. levels act as additional filters.
USD/CHF steps back from the weekly top while teasing intraday lows around 0.9250 during early Tuesday.
The Swiss currency (CHF) pair marked the biggest daily gains since early November the previous day but couldn’t overcome the confluence of 100-SMA and 38.2% Fibonacci retracement (Fibo.) of November 01-24 upside, around 0.9265.
The latest pullback eyes 50% Fibo. near 0.9230 but the 200-SMA level of 0.9210 will challenge the USD/CHF declines afterward.
Should the quote drops past 0.9210, the 61.8% Fibonacci retracement level and an ascending trend line from early November, around 0.9200 and 0.9175 in that order, will be crucial to watch.
Meanwhile, a clear upside break of the 0.9265 hurdle will need validation from the 0.9300 round figure and the November 17 peak of 0.9330 before directing the USD/CHF bulls to the previous month’s top near 0.9375.
Overall, USD/CHF may witness a short-term pullback but key supports to the south will challenge the bears.
USD/CHF: Four-hour chart
Trend: Pullback 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.