USD/CHF Price Analysis: Bears attack two-month-old support line below 0.9200

USD/CHF remains pressured around the lowest levels in three weeks.
Failure to cross 61.8% Fibonacci retracement during previous bounce off the key support line joins firmer Momentum to favor sellers.
50-SMA, two-week-old descending trend line offers strong resistance near 0.9210.

Anil Panchal FXStreet

USD/CHF remains on the back foot around 0.9175, after refreshing the multi-day low amid early Tuesday.

In doing so, the Swiss currency (CHF) pair retests an upward sloping trend line from early November, keeping the last week’s pullback from 61.8% Fibonacci retracement (Fibo.) of November’s upside.

Given the upbeat Momentum line and the quote’s failures to cross the key Fibo. level favor USD/CHF sellers to aim for the 78.2% Fibonacci retracement level of 0.9145. During the fall, the monthly low near 0.9165 and November 30 bottom of 0.9157 may offer intermediate halts.

If at all the USD/CHF bears refrain to step back from 0.9145, the previous monthly low of 0.9088 will be in focus.

Meanwhile, the 61.8% Fibonacci retracement around 0.9200 guards the quote’s short-term upside.

Following that, a convergence of the 50-SMA and descending trend line from mid-December challenges the USD/CHF bulls near 0.9210.

USD/CHF: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.9174
Today Daily Change	0.0000
Today Daily Change %	0.00%
Today daily open	0.9174

Trends
Daily SMA20	0.9213
Daily SMA50	0.9211
Daily SMA100	0.9214
Daily SMA200	0.9179

Levels
Previous Daily High	0.92
Previous Daily Low	0.9172
Previous Weekly High	0.9254
Previous Weekly Low	0.9169
Previous Monthly High	0.9374
Previous Monthly Low	0.9088
Daily Fibonacci 38.2%	0.9183
Daily Fibonacci 61.8%	0.9189
Daily Pivot Point S1	0.9164
Daily Pivot Point S2	0.9154
Daily Pivot Point S3	0.9136
Daily Pivot Point R1	0.9192
Daily Pivot Point R2	0.921
Daily Pivot Point R3	0.9219

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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