USD/CHF Price Analysis: Pulls back from key SMAs inside weekly falling channel
|- USD/CHF sellers attack intraday low of 0.9108 following recent U-turn from 0.9119.
- A confluence of 100/200-bar SMAs challenge short-term buyers.
- Sellers can aim for the support line of immediate channel.
USD/CHF drops to 0.9110 while extending losses from the day’s high of 0.9119 during early Wednesday. The pair’s earlier run-up to the intraday peak couldn’t cross a joint of the crucial SMAs.
As a USD/CHF sellers are currently attacking the day’s low of 0.9108 while targeting a visit to the falling trend channel formation’s support, extended from November 10, near 0.9080.
Although the recent trading pattern favors the USD/CHF bounce off 0.9080, failing to do so can fetch the quote towards the 0.9000 psychological magnet whereas the monthly low near 0.8980 can test bears afterward.
On the contrary, an upside clearance of 0.9117/19 resistance confluence can escalate the corrective recovery to the stated channel’s upper line, at 0.9130 now.
While USD/CHF buyers are likely to fade momentum around 0.9130, any more upside will not hesitate to challenge the monthly high near 0.9195.
USD/CHF four-hour chart
Trend: Bearish
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