USD/CHF Price Analysis: Bulls face rejection near 0.9150

USD/CHF locks modest gains in the early European session.
Descending trend line acts as defense for bulls.
Neutral MACD suggests impending downward movement.

Rekha Chauhan Independent Analyst

The USD/CHF pair failed to extend the previous day’s gain in the early European session. The pair lost momentum after making an intraday high at 0.9145.

At the time of writing, USD/CHF is trading at 0.9135, up 0.08% on the day.

USD/CHF hourly chart

On the hourly chart, the pair has been looking to extend gains beyond the descending trend line from Wednesday’s high of 0.9164. However, the formation of Doji candles near the downward slope line indicates that upside momentum is receding. If prices sustain below the intraday lows near the 0.9130 area, then it would intensify the selling pressure.

The Moving Average Convergence Divergence (MACD) indicator is placed at the midline with bearish crossover. Moving down, prices would test the 0.9120 and 0.9110 horizontal support zone. Next bears would keep their eyes on 0.9080 (April 30).

On the flip side, if prices break above the downward sloping line, then they will navigate toward the 0.9150 and the 0.9170 horizontal resistance. Finally, market participants would then look out for highs of 0.9215(April 19).

USD/CHF additional levels

USD/CHF

Overview
Today last price	0.9134
Today Daily Change	0.0004
Today Daily Change %	0.04
Today daily open	0.913

Trends
Daily SMA20	0.9167
Daily SMA50	0.9243
Daily SMA100	0.9073
Daily SMA200	0.9085

Levels
Previous Daily High	0.9165
Previous Daily Low	0.9122
Previous Weekly High	0.9182
Previous Weekly Low	0.908
Previous Monthly High	0.9473
Previous Monthly Low	0.908
Daily Fibonacci 38.2%	0.9138
Daily Fibonacci 61.8%	0.9148
Daily Pivot Point S1	0.9113
Daily Pivot Point S2	0.9096
Daily Pivot Point S3	0.907
Daily Pivot Point R1	0.9156
Daily Pivot Point R2	0.9182
Daily Pivot Point R3	0.9199

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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