USD/CHF Price Analysis: Corrective pullback eyes 0.9150 but bears keep reins

USD/CHF takes the bids to refresh intraday high, bounces off one-week low.
Oscillators and bear cross favor sellers, fortnight-old descending trend line, key DMAs restrict short-term recovery.
78.6% Fibonacci retracement level limits immediate downside.

Anil Panchal FXStreet

USD/CHF consolidates recent losses around a one-week low, picking up bids to refresh daily high near 0.9138 amid early Monday morning in Europe.

Even so, bear cross of the 50-DMA to the 100-DMA joins downbeat MACD and Momentum to keep sellers hopeful.

That said, a descending resistance line from January 10, around 0.9165-70, restricts the immediate rebound of the pair ahead of the latest swing high near 0.9180.

Even if the USD/CHF buyers manage to cross the 0.9180 resistance, the stated key DMAs will challenge the pair’s further advances near 0.9210-15.

It’s worth noting that the 61.8% and 50% Fibonacci retracements (Fibo.) of August-November 2021 upside, respectively near 0.9155 and 0.9200, act as additional filters to the north.

On the contrary, the 78.6% Fibo. level near 0.9090 acts as strong support to watch during the quote’s fresh declines.

Should the USD/CHF prices remain weaker past 0.9090, the pair becomes vulnerable to drop towards August 2021 swing low near 0.9020.

USD/CHF: Daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.9139
Today Daily Change	0.0017
Today Daily Change %	0.19%
Today daily open	0.9122

Trends
Daily SMA20	0.9168
Daily SMA50	0.9213
Daily SMA100	0.9216
Daily SMA200	0.9164

Levels
Previous Daily High	0.9181
Previous Daily Low	0.9108
Previous Weekly High	0.9181
Previous Weekly Low	0.9108
Previous Monthly High	0.9295
Previous Monthly Low	0.9102
Daily Fibonacci 38.2%	0.9136
Daily Fibonacci 61.8%	0.9153
Daily Pivot Point S1	0.9093
Daily Pivot Point S2	0.9064
Daily Pivot Point S3	0.902
Daily Pivot Point R1	0.9166
Daily Pivot Point R2	0.921
Daily Pivot Point R3	0.9239

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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