USD/CHF Price Analysis: Weekly resistance tests recovery hopes below 0.9200
|- USD/CHF keeps bounce off monthly low after positing bullish candlestick on 4H.
- Fortnight-old descending trend line, 200-SMA act as additional resistances.
- Weekly support line, bullish Doji challenge sellers amid mixed markets.
USD/CHF picks up bids to 0.9175, extending the previous day’s bounce off monthly low during early Wednesday morning in Europe.
The Swiss currency (CHF) pair recently flashed bullish Doji candlestick on the four-hour chart, which joins upbeat MACD conditions to keep buyers hopeful.
However, a one-week-old downward sloping resistance line near 0.9185 challenges the corrective pullback.
Adding to the upside filters is a descending trend line from December 15, near 0.9215, as well as the 200-SMA level of 0.9240.
Meanwhile, pullback moves remain less important until staying beyond the intraday low of 0.9169, a break of which will direct the USD/CHF prices towards refreshing the monthly bottom.
In doing so, a one-week-old descending support line near 0.9154 should gain the pair seller’s attention.
USD/CHF: Four-hour chart
Trend: Further recovery expected
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