USD/CHF Price Analysis: Bears take a breather around six-week low under 200-DMA

USD/CHF holds lower ground after breaking the key moving average.
Bearish MACD, sustained break of 200-DMA favor sellers.
61.8% Fibonacci retracement offers immediate support, mid-July low adds to the upside filters.

Anil Panchal FXStreet

USD/CHF picks up bids inside a less than 10-pip area surrounding 0.9050 during Friday’s Asian session. The major currency pair dropped to the lowest since June 16 the previous day after breaking 200-DMA.

Given the bearish MACD and a daily close below the key moving average, sellers are likely to keep the reins until witnessing a clear upside break of 90.75 comprising 200-DMA.

Even so, 50% Fibonacci retracement of January-April upside and July 15 low, around 0.9115, restricts the quote’s short-term advances.

If at all the USD/CHF bulls dominate past 0.9115, a downward sloping trend line from April, near 0.9210 will be a tough challenge for them.

Meanwhile, 61.8% Fibonacci retracement level of 0.9030 and the 0.9000 threshold could please the USD/CHF bears during the pair’s further downside.

However, an ascending support line from January, near 0.8980, should become a rest area for the sellers.

USD/CHF: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.9061
Today Daily Change	-0.0001
Today Daily Change %	-0.01%
Today daily open	0.9062

Trends
Daily SMA20	0.9175
Daily SMA50	0.9108
Daily SMA100	0.9155
Daily SMA200	0.9074

Levels
Previous Daily High	0.9101
Previous Daily Low	0.9054
Previous Weekly High	0.9233
Previous Weekly Low	0.9155
Previous Monthly High	0.9262
Previous Monthly Low	0.8926
Daily Fibonacci 38.2%	0.9072
Daily Fibonacci 61.8%	0.9083
Daily Pivot Point S1	0.9044
Daily Pivot Point S2	0.9026
Daily Pivot Point S3	0.8997
Daily Pivot Point R1	0.909
Daily Pivot Point R2	0.9119
Daily Pivot Point R3	0.9137

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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