USD/CHF Technical Analysis: Inside descending channel below 200-HMA
|- USD/CHF clings to 23.6% Fibonacci retracement of the pair’s downpour from Christmas to December 31.
- The falling channel, 200-HMA will challenge the Bullish MACD.
- The current month top will lure the buyers during further upside.
The USD/CHF pair’s latest recovery seems to struggle around 0.9690 during early Tuesday. A short-term falling trend channel and prices below 200-Hour Moving Average (HMA) seem to question the recently bullish MACD.
As a result, buyers will look for a clear break of 200-HMA level of 0.9722 ahead of targeting the month’s top near 0.9745. It’s worth mentioning that the channel’s resistance-line, at 0.9700, can become an immediate upside barrier.
If at all USD/CHF prices remain strong beyond 0.9745, 0.9770 and December 25 top near 0.9830 will be on the Bull’s radar.
Alternatively, the aforementioned channel’s support, at 0.9668 now, can restrict the pair’s immediate declines ahead of highlighting December month low near 0.9645.
Given the Bear’s dominance below 0.9645, September 2018 bottom surrounding 0.9540 could grab the spotlight.
USD/CHF hourly chart
Trend: Bearish
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.