USD/CHF Price Analysis: Trapped between 0.9600, 200-bar SMA, looks for direction
|- USD/CHF remains modestly changed after declining below 200-bar SMA.
- A seven-day-old falling trend line acts as additional resistance.
- Sellers will look for entry below the three-week-old rising trend line.
USD/CHF remains choppy between 0.9600 and 0.9630 ahead of the European session on Wednesday. In doing so, the quote remains below the short-term falling trend line and 200-bar SMA while also staying above an ascending support line since March 09.
It should also be noted that the pair’s neutral conditions could also be witnessed in the RSI moves that are in the normal territory inside the 30-70 range.
23.6% Fibonacci retracement of the previous month’s upside, around 0.9735 can please buyers if they manage to successfully cross, 200-bar SMA and aforementioned resistance line, respectively near 0.9640 and 0.9670.
On the downside, Friday’s low around 0.9500 can question the sellers past-0.9550 support line break ahead of pushing them to 61.8% Fibonacci retracement around 0.9455.
USD/CHF four-hour chart
Trend: SIdeways
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