USD/CHF Price Analysis: Buyers face rejection around double top near 0.9320

USD/CHF edges lower on Wednesday in the Asian session.
Higher highs and higher lows depict the upside trend in the pair since August 30.
MACD holds in the overbought zone with receding upside momentum.

Rekha Chauhan Independent Analyst

USD/CHF trades with losses on Wednesday in the initial Asian trading hours. The pair failed to preserve the previous session’s upside momentum. At the time of writing, USD/CHF is trading at 0.9300 down 0.11% for the day.

USD/CHF daily chart

On the daily chart, after testing the five-month high near 0.9368, the USD/CHF pair failed to preserve the momentum and touched the intraday low of 0.9230 in the previous week. Nevertheless, the pair took shelter near the 21-day Simple Moving Average (SMA) at 0.9246 and continued to ride higher.

Having said that, If the price sustains the intraday high, it could immediately test the 0.9320 horizontal resistance level. A daily close above 0.9320 would open the gates for the 0.9340 horizontal level followed by the high of September 30 in the vicinity of 0.9370 area.

Alternatively, the Moving Average Convergence Divergence (MACD) trades in the overbought zone with receding upside momentum. Any downtick in the MACD would encourage the USD/CHF bears to test the 0.9280 horizontal support level. Further, a break of the ascending trendline will amplify the selling pressure toward the previous day's low of 0.9257, keeping eyes on the 0.9230 horizontal support level.

USD/CHF additional levels

Overview
Today last price	0.9296
Today Daily Change	-0.0015
Today Daily Change %	-0.16
Today daily open	0.9311

Trends
Daily SMA20	0.9276
Daily SMA50	0.9209
Daily SMA100	0.9161
Daily SMA200	0.9128

Levels
Previous Daily High	0.9313
Previous Daily Low	0.9257
Previous Weekly High	0.9318
Previous Weekly Low	0.9231
Previous Monthly High	0.9368
Previous Monthly Low	0.9116
Daily Fibonacci 38.2%	0.9292
Daily Fibonacci 61.8%	0.9279
Daily Pivot Point S1	0.9274
Daily Pivot Point S2	0.9237
Daily Pivot Point S3	0.9218
Daily Pivot Point R1	0.933
Daily Pivot Point R2	0.935
Daily Pivot Point R3	0.9387

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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