USD/CHF Price Analysis: Bears challenge 38.2% Fibonacci retracement

USD/CHF remains muted on Wednesday in the Asian trading hour.
Bears dominate the trade after the price slips below 20-day SMA.
Momentum oscillator tilts in favor of the bearish momentum.

Rekha Chauhan Independent Analyst

USD/CHF trades with no clear direction in the Asian trading hours on Wednesday. The pair hovers in a very close trading range with no meaningful traction.

At the time of writing, USD/CHF is trading at 0.9144, up 0.01 % for the day.

USD/CHF daily chart

On the daily chart, the USD/CHF pair has fallen sharply from the highs of 0.9264 made on July 8. The pair took support near the 38.2% Fibonacci retracement, which extends from the lows of 0.8933, at 0.9140.

If price breaks the session’s low, it could test the first downside target at low of July 15 at 0.9117 followed by the 50.0% Fibonacci retracement at 0.9100.

The Moving Average Convergence Divergence (MACD) trades above the midline with a bearish crossover. The reading suggests that there is room for further downside to the low made on June 17 at 0.9075.

Alternatively, if the pair reverses direction, the first target for USD/CHF bulls could be found at the 20-hour Simple Moving Average (SMA) at 0.9191.

Next, the bulls would flex their muscle toward the July 21 high at 0.9231 followed by the 0.9250 horizontal resistance level.

USD/CHF additional levels

USD/CHF

Overview
Today last price	0.9144
Today Daily Change	-0.0018
Today Daily Change %	-0.20
Today daily open	0.9162

Trends
Daily SMA20	0.9195
Daily SMA50	0.9102
Daily SMA100	0.916
Daily SMA200	0.9074

Levels
Previous Daily High	0.9202
Previous Daily Low	0.9149
Previous Weekly High	0.9233
Previous Weekly Low	0.9155
Previous Monthly High	0.9262
Previous Monthly Low	0.8926
Daily Fibonacci 38.2%	0.9169
Daily Fibonacci 61.8%	0.9182
Daily Pivot Point S1	0.914
Daily Pivot Point S2	0.9117
Daily Pivot Point S3	0.9086
Daily Pivot Point R1	0.9194
Daily Pivot Point R2	0.9225
Daily Pivot Point R3	0.9247

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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