USD/CHF Price Analysis: Bearish bias prevails despite regaining 0.9150

USD/CHF consolidates the heaviest daily losses around seven-week low.
200-DMA, fortnight-old resistance line guards immediate recovery moves.
Bearish MACD signals, steady RSI keeps sellers hopeful until crossing five-week-old resistance line.

Anil Panchal FXStreet

USD/CHF picks up bids to refresh intraday high around 0.9160, up 0.13% intraday heading into Thursday’s European session.

The Swiss currency (CHF) pair dropped to the lowest levels since November 10 the previous day but failed to provide a daily closing below a four-month-old support line. The same helped the quote to portray a corrective pullback from the multi-day bottom of late.

However, bearish MACD signals and sustained trading below 200-DMA keep USD/CHF bears hopeful.

In addition to the 200-DMA level of 0.9175, descending trend lines from December 15 and November 24, respectively, around 0.9200 and 0.9240, also challenge USD/CHF bulls.

That said, the pair sellers will wait for a clear downside break of the stated support line from August, near 0.9130 by the press time for fresh entry.

Should the USD/CHF prices remain below 0.9130, November’s low of 0.9088 will be in focus.

Hence, the pair’s latest recovery moves are not yet suitable to be termed as trend reversal.

USD/CHF: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.9157
Today Daily Change	0.0011
Today Daily Change %	0.12%
Today daily open	0.9146

Trends
Daily SMA20	0.9209
Daily SMA50	0.9209
Daily SMA100	0.9213
Daily SMA200	0.9177

Levels
Previous Daily High	0.9202
Previous Daily Low	0.9127
Previous Weekly High	0.9254
Previous Weekly Low	0.9169
Previous Monthly High	0.9374
Previous Monthly Low	0.9088
Daily Fibonacci 38.2%	0.9155
Daily Fibonacci 61.8%	0.9173
Daily Pivot Point S1	0.9115
Daily Pivot Point S2	0.9084
Daily Pivot Point S3	0.9041
Daily Pivot Point R1	0.919
Daily Pivot Point R2	0.9233
Daily Pivot Point R3	0.9264

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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