USD/CHF Price Analysis: Bears remain hopeful of refreshing monthly low under 0.9500

USD/CHF fades corrective pullback from one-week bottom marked the previous day.
Sustained break of short-term ascending trend line, bearish MACD signals favor sellers.
Bulls need validation from the 200-SMA to retake control.

Anil Panchal FXStreet

USD/CHF remains depressed around 0.9550 amid a sluggish Asian session on Tuesday. Even so, the sellers remain hopeful while tracing a downside break of a one-week-old ascending trend line.

In addition to the weekly support break, the bearish MACD signals and the pair’s sustained trading below the 200-SMA also favor USD/CHF sellers.

That said, the pair is all set to challenge the yearly low surrounding 0.9470, with the 0.9500 threshold likely acting as an intermediate halt.

In a case where USD/CHF bears dominate past 0.9470, the 61.8% Fibonacci Expansion (FE) of July 14 to August 03 moves, near 0.9390, will be in focus.

Alternatively, the previous support line from August 02, close to 0.9565 at the latest, guards the quote’s recovery moves.

However, major attention will be given to the 200-SMA level of 0.9650 as a successful break above the same could enable USD/CHF bulls to aim for the late July swing high around 0.9740.

Overall, USD/CHF is likely to remain on the bear’s radar despite the latest inaction.

USD/CHF: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.9552
Today Daily Change	-0.0002
Today Daily Change %	-0.02%
Today daily open	0.9554

Trends
Daily SMA20	0.9651
Daily SMA50	0.968
Daily SMA100	0.9628
Daily SMA200	0.9426

Levels
Previous Daily High	0.9635
Previous Daily Low	0.9522
Previous Weekly High	0.9652
Previous Weekly Low	0.9471
Previous Monthly High	0.9886
Previous Monthly Low	0.9502
Daily Fibonacci 38.2%	0.9565
Daily Fibonacci 61.8%	0.9592
Daily Pivot Point S1	0.9506
Daily Pivot Point S2	0.9457
Daily Pivot Point S3	0.9392
Daily Pivot Point R1	0.9619
Daily Pivot Point R2	0.9684
Daily Pivot Point R3	0.9732

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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