USD/CHF Price Analysis: Bears attack 0.9640 key support to aim for further ruling

USD/CHF takes offers to refresh intraday low as sellers poke 11-week-old support line.
RSI retreat, bear cross on MACD hint at further downside.
Two-month-old horizontal support in focus, bulls need validation from 50-DMA.

Anil Panchal FXStreet

USD/CHF extends pullback from the 50-DMA to renew intraday low amid early Monday morning in Europe. That said, the Swiss currency (CHF) pair hinges on the short-term key supports as the bears keep reins around 0.9645 by the press time.

In addition to the pullback from the 50-DMA, a downward sloping RSI line and a looming bearish signal on the MACD also keep sellers hopeful.

However, a daily closing below the 0.9640 level becomes necessary before the quote drops to a horizontal area comprising multiple lows marked since late April, around 0.9540.

In a case where USD/CHF prices drop below 0.9540, the 0.9500 threshold and the 100-DMA level near 0.9490 will be an important challenge for the pair sellers.

Meanwhile, an upside clearance of the 50-DMA hurdle surrounding 0.9705 could aim for 0.9760 and the 0.9800 resistance levels before challenging a five-week-old horizontal resistance zone near 0.9865-70.

Should the USD/CHF bulls manage to cross the 0.9870 hurdle, the odds of their run-up towards the yearly top near 1.0065 can’t be ruled out.

USD/CHF: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.9652
Today Daily Change	-0.0053
Today Daily Change %	-0.55%
Today daily open	0.9705

Trends
Daily SMA20	0.9713
Daily SMA50	0.9705
Daily SMA100	0.9486
Daily SMA200	0.9352

Levels
Previous Daily High	0.9733
Previous Daily Low	0.9619
Previous Weekly High	1.005
Previous Weekly Low	0.9619
Previous Monthly High	1.0064
Previous Monthly Low	0.9545
Daily Fibonacci 38.2%	0.9689
Daily Fibonacci 61.8%	0.9663
Daily Pivot Point S1	0.9638
Daily Pivot Point S2	0.9572
Daily Pivot Point S3	0.9525
Daily Pivot Point R1	0.9752
Daily Pivot Point R2	0.9799
Daily Pivot Point R3	0.9865

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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