USD/CHF fails to hold above the 200-day SMA and falls below 0.9000

USD/CHF declined below 0.9000 after hitting a daily high of 0.9042.
Indicators on the daily chart point towards a prevailing strength of the bears in the short term.
The seller's next target stands at the 100-day SMA at 0.8905.

Patricio Martín FXStreet

In Monday’s session, the USD/CHF traded with 0.30% losses and failed to consolidate above the 200-day Simple Moving Average (SMA) at 0.9018, declining to a low below the 0.9000 mark.

In line with that, the daily chart suggests that a neutral to bearish trend becomes evident for USD/CHF, with the bears gradually taking control. Exhibiting a downtrend below its midline, the Relative Strength Index (RSI) points towards a bearish sentiment, while the Moving Average Convergence (MACD) histogram presents increasing red bars. On the shorter timeframe, the four-hour chart, the RSI lies deep in negative territory at 35, near oversold territory, while the MACD histogram prints higher red bars.

Back to the daily chart, the pair is below the 20 and 200-day Simple Moving Averages (SMAs), but above the 100-day SMA, indicating that the long-term outlook is starting to tilt in favour of the bears.

Support levels: 0.8980, 0.8950, 0.8905 (100-day SMA.

Resistance levels: 0.9018 (200-day SMA), 0.9040, 0.9070.

USD/CHF Daily Chart

USD/CHF

Overview
Today last price	0.9004
Today Daily Change	-0.0014
Today Daily Change %	-0.16
Today daily open	0.9018

Trends
Daily SMA20	0.9093
Daily SMA50	0.894
Daily SMA100	0.8906
Daily SMA200	0.9022

Levels
Previous Daily High	0.9086
Previous Daily Low	0.9002
Previous Weekly High	0.9124
Previous Weekly Low	0.8987
Previous Monthly High	0.9225
Previous Monthly Low	0.8795
Daily Fibonacci 38.2%	0.9034
Daily Fibonacci 61.8%	0.9054
Daily Pivot Point S1	0.8985
Daily Pivot Point S2	0.8952
Daily Pivot Point S3	0.8901
Daily Pivot Point R1	0.9069
Daily Pivot Point R2	0.912
Daily Pivot Point R3	0.9153

Author

Patricio Martín

FXStreet

Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.

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