USD/CHF Price Analysis: Bumpy road for the bulls below 0.9000

USD/CHF buyers attack intraday top, near the highest in two months.
Tuesday’s spinning top candle, overbought RSI test upside ahead of 100-day EMA, four-month low resistance line.
Sellers need to wait for rejection of the inverse head-and-shoulders.

Anil Panchal FXStreet

USD/CHF rises to 0.8981 during the pre-European session trading on Wednesday. In doing so, the quote stays positive around the December highs but the previous day’s play suggesting traders’ dilemma and higher levels of the RSI ahead of the key resistance confluence challenge the quote further upside.

However, the USD/CHF sellers are less likely to get convinced until witnessing a clear downside break of a two-month-old horizontal area, part of a bullish chart pattern, near 0.8920.

Also acting as the support is the previous resistance line stretched from November 11, at 0.8864 now.

Meanwhile, a confluence of 100-day EMA and a downward sloping trend line from late September around 0.9000 becomes the key resistance to crack for USD/CHF buyers.

Following that, an upward trajectory towards the November 2020 peak surrounding 0.9200 can’t be ruled out.

USD/CHF daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.8982
Today Daily Change	3 pips
Today Daily Change %	0.03%
Today daily open	0.8979

Trends
Daily SMA20	0.8884
Daily SMA50	0.8896
Daily SMA100	0.9017
Daily SMA200	0.9201

Levels
Previous Daily High	0.8995
Previous Daily Low	0.8947
Previous Weekly High	0.8919
Previous Weekly Low	0.8848
Previous Monthly High	0.8926
Previous Monthly Low	0.8758
Daily Fibonacci 38.2%	0.8977
Daily Fibonacci 61.8%	0.8966
Daily Pivot Point S1	0.8952
Daily Pivot Point S2	0.8925
Daily Pivot Point S3	0.8904
Daily Pivot Point R1	0.9
Daily Pivot Point R2	0.9022
Daily Pivot Point R3	0.9049

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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