USD/CHF Price Analysis: Bears attack immediate triangle support

USD/CHF prints five-day losing streak while declining 0.20% intraday.
RSI conditions suggest another bounce off the nearby support line.
38.2% Fibonacci retracement, 200-HMA add upside barriers.

Anil Panchal FXStreet

Despite bouncing off an intraday low of 0.9061, USD/CHF stays on the back foot while trading near 0.9065 ahead of Tuesday’s European session. Sustained trading below 200-HMA and 38.2% Fibonacci retracement of August 31 to September 08 upward move, currently at the 0.9120 area, keeps the sellers hopeful. Though, the support line of a short-term symmetrical triangle, at 0.9060 now, questions the USD/CHF pair additional weakness.

Not only the triangle formation but nearly oversold RSI conditions also question the pair’s nearby moves around 0.9060 support.

As a result, the USD/CHF’s bounce off 61.8% Fibonacci retracement level of 0.9075 can be anticipated ahead of the recovery moves to challenge the triangle’s resistance, currently around 0.9090.

It should, however, be noted that any further upside past-0.9090 will be capped by the 0.9120/25 resistance confluence mentioned above.

Alternatively, the pair’s downside break of 0.9060 will aim for 0.9048 and the monthly low of 0.8999 during the additional weakness.

USD/CHF hourly chart

Trend: Sideways

Additional important levels

Overview
Today last price	0.9065
Today Daily Change	-18 pips
Today Daily Change %	-0.20%
Today daily open	0.9083

Trends
Daily SMA20	0.91
Daily SMA50	0.9185
Daily SMA100	0.9391
Daily SMA200	0.9546

Levels
Previous Daily High	0.9099
Previous Daily Low	0.9058
Previous Weekly High	0.92
Previous Weekly Low	0.9049
Previous Monthly High	0.9242
Previous Monthly Low	0.8999
Daily Fibonacci 38.2%	0.9074
Daily Fibonacci 61.8%	0.9083
Daily Pivot Point S1	0.9061
Daily Pivot Point S2	0.904
Daily Pivot Point S3	0.9021
Daily Pivot Point R1	0.9102
Daily Pivot Point R2	0.912
Daily Pivot Point R3	0.9142

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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