USD/CHF Price Analysis: Bears eye sub-0.9200 area as MACD turns most bearish in 29-months

USD/CHF struggles to keep the bounce off 0.9237, the lowest since early-March.
Bearish MACD keeps weighing on the quote, oversold RSI may restrict further downside near the key support line.
Bulls will have a bumpy road unless crossing the monthly high past-0.9500.

Anil Panchal FXStreet

USD/CHF seesaws around 0.9247 during the pre-European session on Friday. The quote trims the early-day losses while taking a U-turn from over four-month low. However, MACD signals the most bearish conditions since the initial February 2018, which in turn suggests the quote’s additional weakness.

As a result, lows marked in March 2020 and February 2018, surrounding 0.9190/80, be the key for the sellers to watch. Though, the quote’s further weakness becomes less likely considering the oversold RSI conditions.

If the traders ignore RSI signals and dominate past-0.9180, May 2015 bottom of 0.9072 could offer an intermediate halt before highlighting 0.9000 psychological magnet.

On the flip side, 0.9300 and 0.9370 may offer immediate resistance to the pair ahead of the monthly top close to 0.9530/35.

Given the bull's ability to conquer 0.9535 on a weekly closing basis, September 2018 bottom near 0.9542 will validate further upside to May 2020 low around 0.9590.

USD/CHF weekly chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.9249
Today Daily Change	-5 pips
Today Daily Change %	-0.05%
Today daily open	0.9254

Trends
Daily SMA20	0.9412
Daily SMA50	0.9514
Daily SMA100	0.9588
Daily SMA200	0.9695

Levels
Previous Daily High	0.9303
Previous Daily Low	0.9246
Previous Weekly High	0.9468
Previous Weekly Low	0.937
Previous Monthly High	0.9651
Previous Monthly Low	0.9376
Daily Fibonacci 38.2%	0.9268
Daily Fibonacci 61.8%	0.9281
Daily Pivot Point S1	0.9232
Daily Pivot Point S2	0.921
Daily Pivot Point S3	0.9175
Daily Pivot Point R1	0.929
Daily Pivot Point R2	0.9325
Daily Pivot Point R3	0.9348

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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