USD/CHF Price Analysis: Bears seek acceptance above 0.9600

USD/CHF retreats from monthly top as buyers struggle after six-day uptrend.
61.8% Fibonacci retracement triggered pullback amid overbought RSI, looming bear cross on MACD.
200-SMA, two-week-old ascending trend line restricts immediate downside.

Anil Panchal FXStreet

USD/CHF keeps the previous day’s pullback from a one-month high as sellers flirt with the 50% Fibonacci retracement of the July-August downside during Wednesday’s Asian session. That said, the Swiss currency (CHF) pair remains pressured at around 0.9640 by the press time.

In doing so, the quote portrays a reversal from the 61.8% Fibonacci retracement, known as the golden ratio, amid the RSI retreat from the overbought territory and an impending bear cross of the MACD.

It’s worth noting, however, that the 200-SMA and an upward sloping support line from August 11, respectively around 0.9615 and 0.9590, challenge the USD/CHF bears.

Should the pair decline below 0.9590, the odds of witnessing a slump towards the 23.6% Fibonacci retracement level surrounding 0.9490 appear brighter. Following that, the monthly low of 0.9370 will be in focus.

Meanwhile, recovery moves remain elusive unless crossing the golden ratio, around 0.9690.

Even so, the July 13 swing low near 0.9750 precedes the previous monthly high surrounding 0.9885 could lure the USD/CHF bulls.

USD/CHF: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.9638
Today Daily Change	-0.0003
Today Daily Change %	-0.03%
Today daily open	0.9641

Trends
Daily SMA20	0.9539
Daily SMA50	0.9635
Daily SMA100	0.965
Daily SMA200	0.9443

Levels
Previous Daily High	0.9659
Previous Daily Low	0.9574
Previous Weekly High	0.9598
Previous Weekly Low	0.9409
Previous Monthly High	0.9886
Previous Monthly Low	0.9502
Daily Fibonacci 38.2%	0.9626
Daily Fibonacci 61.8%	0.9606
Daily Pivot Point S1	0.959
Daily Pivot Point S2	0.954
Daily Pivot Point S3	0.9506
Daily Pivot Point R1	0.9676
Daily Pivot Point R2	0.971
Daily Pivot Point R3	0.9761

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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