USD/CHF Price Analysis: Corrective pullback battles previous hurdle below 0.9000

USD/CHF bounces off late February lows, refreshes intraday top of late.
Previous weekly bottom guards immediate upside, bumpy road ahead.
Sellers may aim for mid-0.8900s before early January tops.

Anil Panchal FXStreet

USD/CHF consolidates the latest losses near a three-month low, up 0.05% around 0.8985, during early Wednesday. In doing so, the quote bounces off the previous day’s low, also the lowest since late February, to aim for the one-week-old horizontal resistance.

Although RSI recovery backs the USD/CHF buyers around 0.8985-90 immediate hurdle, a downward sloping trend line from last Thursday, near 0.9010, could test the pair’s further upside.

Even if the quote manages to cross 0.9010 resistance, 100 and 200-HMAs surrounding 0.9030 can test the USD/CHF bulls.

Meanwhile, fresh selling can take place below the latest low near 0.8960 but multiple supports can probe downside near 0.8950-45.

Also acting as a downside filter is 0.8920 level comprising tops marked in late December 2020 and early January.

USD/CHF hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.8984
Today Daily Change	0.0004
Today Daily Change %	0.04%
Today daily open	0.898

Trends
Daily SMA20	0.9088
Daily SMA50	0.9211
Daily SMA100	0.9088
Daily SMA200	0.908

Levels
Previous Daily High	0.9035
Previous Daily Low	0.896
Previous Weekly High	0.9094
Previous Weekly Low	0.8986
Previous Monthly High	0.9473
Previous Monthly Low	0.908
Daily Fibonacci 38.2%	0.8989
Daily Fibonacci 61.8%	0.9007
Daily Pivot Point S1	0.8948
Daily Pivot Point S2	0.8917
Daily Pivot Point S3	0.8874
Daily Pivot Point R1	0.9023
Daily Pivot Point R2	0.9066
Daily Pivot Point R3	0.9098

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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