USD/CHF Price Analysis: 200-HMA guards recovery moves below 0.9000

USD/CHF fades bounce off two-week-old support line, keeps 200-HMA breakdown.
Bullish MACD, immediate trend line breakout keeps buyers hopeful.

Anil Panchal FXStreet

USD/CHF lack momentum while taking rounds to 0.8975-80 ahead of Tuesday’s European session.

The major currency pair broke a two-day-old falling trend line on Monday during its bounce off an ascending support line from late May. However, receding bullish bias below the 200-HMA signals another pullback of the quote.

Hence, a confluence of the immediate falling trend line and a bit longer rising support line near 0.8970 regains the USD/CHF sellers’ attention. Though, any further weakness will not hesitate to challenge the monthly low of 0.8970 before testing the bears with the May 25 bottom close to 0.8950.

On the contrary, an upside clearance of 200-HMA level of 0.8995 will have a bumpy road to recovery ahead of refreshing the month’s high near 0.9055.

Following that, the bullish impulse will help USD/CHF bulls to aim for April’s low near 0.9080.

USD/CHF hourly chart

Trend: Sideways

Additional important levels

Overview
Today last price	0.8977
Today Daily Change	-0.0001
Today Daily Change %	-0.01%
Today daily open	0.8978

Trends
Daily SMA20	0.9001
Daily SMA50	0.9123
Daily SMA100	0.9106
Daily SMA200	0.9073

Levels
Previous Daily High	0.901
Previous Daily Low	0.8968
Previous Weekly High	0.9054
Previous Weekly Low	0.8947
Previous Monthly High	0.9165
Previous Monthly Low	0.893
Daily Fibonacci 38.2%	0.8984
Daily Fibonacci 61.8%	0.8994
Daily Pivot Point S1	0.896
Daily Pivot Point S2	0.8942
Daily Pivot Point S3	0.8917
Daily Pivot Point R1	0.9003
Daily Pivot Point R2	0.9028
Daily Pivot Point R3	0.9046

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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