USD/CHF Price Analysis: Sellers strike two-month old support below 200-day SMA
|- USD/CHF posts losses for the second straight day on the last trading day of the week.
- The pair touches two-month supports near 0.9110 in a 70-pips movement.
- Bulls face immense selling pressure near 0.9220-09200 zone.
USD/CHF licks wounds after the previous session’s heavy sell-off in the early Asian trading hours. After testing the high near 0.9194, the pair fell in more than a 70-pips movement in the US session. At the time of writing, USD/CHF is trading at 0.9117, down 0.01% for the day.
USD/CHF additional levels
On the daily chart, the pair has been struggling near 0.9225, a critical resistance level since October 14. Furthermore, USD/CHF is under continuous downward pressure after testing the 5-month high at 0.9368 on September 30.
If the price breaks below the intraday low then it could test the psychological 0.9100 level. A daily close below the mentioned level could drag the spot toward the August 6 low at 0.9065, followed by the 0.9040 horizontal support zone.
Alternatively, the Moving Average Convergence Divergence (MACD) trades onto the oversold zone. Any uptick in the MACD could push the spot toward the 200-day Simple Moving Average (SMA) at 0.9147. A daily close above the 200-day SMA would make the possibility of the crucial 0.9200 mark for the bulls.
Next, USD/CHF again encounters the critical resistance zone at 0.9225.
USD/CHF additional levels
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