USD/CHF Price Analysis: Snaps two-day rebound from 200-DMA
|- USD/CHF consolidates intraday losses but stays mildly offered below 50-DMA.
- Bearish MACD, failures to cross the immediate moving average keep sellers hopeful.
USD/CHF recovers from intraday low towards the 0.9200 as European traders brush their screens for a long Wednesday. Even so, the Swiss currency (CHF) pair prints 0.12% daily losses, the first in a week, by the press time.
In doing so, the quote fades the early week bounce off 200-DMA while easing from 50-DMA. Also favoring the sellers are the bearish MACD signals and the pair’s sustained trading below the previous support line from early August.
That said. the 200-DMA level of 0.9146 gains immediate attention of the sellers ahead of the mid-August lows near 0.9100. However, any further weakness will be probed by 0.9020.
Meanwhile, corrective pullback remains less important until crossing the 50-DMA level of 0.9220.
Even if the quote rises past 0.9220, the support-turned-resistance line will challenge the USD/CHF bulls around 0.9285.
In a case where the quote remains firmer past 0.9285, September’s peak of 0.9332 may offer an intermediate halt during the quote’s rally targeting the yearly top surrounding 0.9370.
USD/CHF: Daily chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.