• USD/CHF refreshes intraday high, snaps five-day downtrend to bounce off two-month low.
  • Previous support lines from August, January 2021 restrict recovery moves.
  • 50% Fibonacci retracement, November’s low on bear’s radar.
  • Descending RSI line, the key support breaks keep sellers hopeful.

USD/CHF rebounds from a two-month low to defend the 0.9100 threshold, around 0.9130 during Monday’s Asian session. In doing so, the Swiss currency (CHF) pair rises for the first time in the last six days to offer a positive start to 2022.

The corrective pullback takes place from the 50% Fibonacci retracement (Fibo.) of the January-April 2021 upside. However, the key support-turned-resistance lines challenge USD/CHF buyers. Also adding to the bearish bias is the downward sloping RSI line, not oversold.

That said, the USD/CHF recovery may initially aim for a four-month-old resistance line, near 0.9135, a break of which will direct buyers towards another previous support line, close to 0.9150.

While a clear upside break of 0.9150 enables the pair to aim for the 0.9200 round figure, a descending resistance line from November 24, around 0.9235, will challenge the quote’s further advances.

On the flip side, the 50% Fibo. level of 0.9116 and 0.9100 are likely immediate supports to watch during the quote’s fresh downside.

Following that, November’s low of 0.9088 and 61.8% Fibonacci retracement level of 0.9031 will be in focus.

USD/CHF: Daily chart

Trend: Bearish

Additional important levels

Overview
Today last price 0.913
Today Daily Change 0.0007
Today Daily Change % 0.08%
Today daily open 0.9123
 
Trends
Daily SMA20 0.9203
Daily SMA50 0.9208
Daily SMA100 0.9212
Daily SMA200 0.9174
 
Levels
Previous Daily High 0.9148
Previous Daily Low 0.9102
Previous Weekly High 0.9202
Previous Weekly Low 0.9102
Previous Monthly High 0.9295
Previous Monthly Low 0.9102
Daily Fibonacci 38.2% 0.912
Daily Fibonacci 61.8% 0.913
Daily Pivot Point S1 0.9101
Daily Pivot Point S2 0.9079
Daily Pivot Point S3 0.9055
Daily Pivot Point R1 0.9147
Daily Pivot Point R2 0.917
Daily Pivot Point R3 0.9192

 

 

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