USD/CHF Price Analysis: Five-week-long support tests bears around 0.9150
|- USD/CHF remains pressured around monthly low after declining the most in three weeks.
- Bearish MACD signals, sustained trading below the key DMAs keep sellers hopeful.
- Sellers can aim for ascending support line from June 2021 on breaking 0.9155.
USD/CHF holds onto the previous day’s bearish bias around 0.9160-55 heading into Tuesday’s European session.
The Swiss currency (CHF) pair dropped the most in three weeks on Monday amid a broad risk-off mood. However, an upward sloping trend line from January 13 restricts the quote’s immediate downside near 0.9155.
It should be noted, however, that the bearish MACD signals join the pair’s successful trading below the 50-DMA and 200-DMA, to favor sellers targeting an eight-month-old support line near 0.9120.
In a case where USD/CHF drops below 0.9120, the 2022 bottom surrounding 0.9090 will be in focus.
On the flip side, corrective pullback needs validation from the 200-DMA level of 0.9180 before directing buyers towards the 50-DMA, close to 0.9200 by the press time.
Should USD/CHF rally beyond 0.9200, a downward sloping resistance line from January 31, around 0.9250, may lure the pair buyers.
USD/CHF: Daily chart
Trend: Further weakness expected
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