USD/CHF Price Analysis: Bears keep the reins around multi-month low

USD/CHF wavers around the lowest levels since January 2015.
Three-day-old resistance line, 200-HMA restrict immediate upside.
Highs marked during early July 2014 offer nearby support below 0.8982.

Anil Panchal FXStreet

USD/CHF stays mildly offered near 0.8996 during early Monday. The pair dropped to the lowest since January 27, 2015, on Friday before the oversold RSI conditions trigger its pullback moves from 0.8982.

However, a downward sloping trend line from last Wednesday, currently around 0.9005, challenges the intraday buyers.

While a clear break of 0.9005 can trigger a corrective recovery towards November 04 low near 0.9090, the 200-HMA level of 0.9116 will act as the key upside hurdle afterward.

On the contrary, fresh selling can wait until the quote drops below 0.8982, which in-turn will target July 07, 2014, high close to 0.8960 as the following support.

Should the USD/CHF bears keep dominating the sentiment past-0.8960, July 2014 bottom and January 20, 2015 high, respectively around 0.8855 and 0.8840/35, will become their favorites.

USD/CHF hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.8998
Today Daily Change	-2 pips
Today Daily Change %	-0.02%
Today daily open	0.9

Trends
Daily SMA20	0.9105
Daily SMA50	0.9133
Daily SMA100	0.9198
Daily SMA200	0.943

Levels
Previous Daily High	0.9057
Previous Daily Low	0.8982
Previous Weekly High	0.9208
Previous Weekly Low	0.8982
Previous Monthly High	0.9219
Previous Monthly Low	0.9031
Daily Fibonacci 38.2%	0.9011
Daily Fibonacci 61.8%	0.9028
Daily Pivot Point S1	0.8969
Daily Pivot Point S2	0.8939
Daily Pivot Point S3	0.8895
Daily Pivot Point R1	0.9044
Daily Pivot Point R2	0.9087
Daily Pivot Point R3	0.9118

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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