USD/CHF Price Analysis: Bears take a breather on the way to 0.9085

USD/CHF remains on the back foot despite latest inaction.
Sustained break of fortnight-old ascending trend line, U-turn from 200-EMA favor sellers.
Buyers need successful trading below 61.8% Fibonacci retracement to retake control.

Anil Panchal FXStreet

USD/CHF holds lower ground near 0.9160 during early Wednesday, following a clear downside break of the previous key support line.

The Swiss currency (CHF) pair’s latest inaction could be linked to the market’s cautious mood ahead of the Federal Open Market Committee (FOMC) monetary policy meeting.

However, the bearish MACD signals and a U-turn from the 200-bar Exponential Moving Average (EMA) seem to join the trend line break to keep sellers hopeful.

That said, multiple lows marked during January 18-20, close to 0.9150-45, seem to restrict the immediate downside of the USD/CHF pair.

Following that, a previous monthly low, as well as the yearly bottom, near 0.9085 will be in focus.

It should be noted that the 0.9100 threshold could act as an additional downside filter for the pair traders to watch during the weakness past 0.9145 while the August 2021 low near 0.9018 may challenge the USD/CHF bears past 0.9085.

Meanwhile, recovery moves need to cross the previous support line from January 18, close to 0.9205 by the press time, to recall the pair buyers.

Even so, the 200-EMA and the 61.8% Fibonacci retracement level of the pair’s January moves, respectively near 0.9270 and 0.9285, could probe the USD/CHF upside.

USD/CHF: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.9159
Today Daily Change	0.0005
Today Daily Change %	0.05%
Today daily open	0.9154

Trends
Daily SMA20	0.9235
Daily SMA50	0.9304
Daily SMA100	0.9562
Daily SMA200	0.9628

Levels
Previous Daily High	0.9288
Previous Daily Low	0.915
Previous Weekly High	0.928
Previous Weekly Low	0.9158
Previous Monthly High	0.941
Previous Monthly Low	0.9085
Daily Fibonacci 38.2%	0.9203
Daily Fibonacci 61.8%	0.9236
Daily Pivot Point S1	0.9107
Daily Pivot Point S2	0.906
Daily Pivot Point S3	0.8969
Daily Pivot Point R1	0.9245
Daily Pivot Point R2	0.9336
Daily Pivot Point R3	0.9383

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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