USD/CHF Price Analysis: Looks set to drop further towards 0.9150
|- USD/CHF remains pressured below 200-SMA, refreshes intraday low.
- RSI retreat adds to the bearish bias targeting monthly support.
- Weekly resistance line also challenges buyers before the double tops around 0.9370.
USD/CHF takes offers to refresh intraday low to 0.9193, down 0.16% on a day, during early Thursday. In doing so, the Swiss currency (CHF) pair stays depressed below 200-SMA.
Given the RSI retreat and multiple failures to cross the key SMA, not to forget crossing the weekly resistance line, USD/CHF is ready for further declines towards an upward sloping support line from early November, around 0.9150.
On an immediate basis, a horizontal area from November 05, near 0.9170-75, restricts short-term sellers.
Meanwhile, recovery moves need to cross not only the 200-SMA level of 0.9210 but also the stated resistance line, close to 0.9225, to convince buyers.
Even so, double tops marked during September and November around 0.9370 will be a crucial hurdle to watch.
USD/CHF: Four-hour chart
Trend: Further weakness expected
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