USD/CHF Price Analysis: Defends one-month-old trendline near 0.9150

USD/CHF extends the previous session’s losses and trades with negative bias.
Bulls remain hopeful above 0.9150 near the ascending trendline.
Momentum oscillator tilts in favor of the bearish momentum.

Rekha Chauhan Independent Analyst

USD/CHF edges lower in the initial Asian trading hours on Friday. The pair moves in a narrow trading range and awaits some confirmation before any directional bet.

At the time of writing, USD/CHF is trading at 0.9151, up 0.05% for the day.

USD/CHF daily chart

On the daily chart, the USD/CHF pair has risen sharply from the lows of 0.8926 made on June 9. The pair refreshed the multi-month high near 0.9276 before retreating toward 0.9150.

If price breaks the session’s low, it could breach the ascending trendline to test the 0.9120 horizontal support level.

The Moving Average Convergence Divergence (MACD) is in an overbought zone with a bearish crossover. The reading suggests that there is room for further downside to the 0.9100 key psychological level.

A daily close below 0.9100 would prompt USD/CHF bears to retest the low of June 17 at 0.9075.

Alternatively, if the pair reverses direction, the first target for USD/CHF bulls could be the 0.9175 horizontal resistance level.

Next, the bulls would flex their muscle toward the 0.9200 horizontal resistance level, followed by the June 29 high of 0.9233.

USD/CHF additional levels

USD/CHF

Overview
Today last price	0.915
Today Daily Change	-0.0106
Today Daily Change %	-1.15
Today daily open	0.9256

Trends
Daily SMA20	0.9156
Daily SMA50	0.9075
Daily SMA100	0.9153
Daily SMA200	0.9072

Levels
Previous Daily High	0.9268
Previous Daily Low	0.9223
Previous Weekly High	0.9274
Previous Weekly Low	0.9167
Previous Monthly High	0.9262
Previous Monthly Low	0.8926
Daily Fibonacci 38.2%	0.9251
Daily Fibonacci 61.8%	0.924
Daily Pivot Point S1	0.923
Daily Pivot Point S2	0.9204
Daily Pivot Point S3	0.9186
Daily Pivot Point R1	0.9275
Daily Pivot Point R2	0.9294
Daily Pivot Point R3	0.932

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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