USD/CHF Price Analysis: Depressed near fresh low since January 2015, weekly falling channel in focus

USD/CHF wavers around the lowest since January 2015.
Nearly overbought RSI conditions suggest pullback inside bearish chart pattern.
May 2014 low can lure the bears during further downside.

Anil Panchal FXStreet

Following its drop to the fresh multi-month low of 0.8851, USD/CHF seesaws near 0.8855, down 0.15% intraday, ahead of Friday’s European session.

In doing so, the quote stays depressed inside a descending trend channel formation established since November 03. However, oversold RSI conditions battle the receding strength of bearish MACD to indicate corrective recovery.

During the bounce 0.8875 and the channel resistance around 0.8895 will precede the 0.8900 threshold to challenge the USD/CHF bulls.

If at all the USD/CHF bulls manage to dominate past-0.8900, the 200-HMA level of 0.8930 will be important to watch.

On the downside, the mentioned channel’s support near 0.8843 can challenge the south-run, failing to do so can direct USD/CHF bears towards May 2014 bottom surrounding 0.8700.

USD/CHF hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.8856
Today Daily Change	-13 pips
Today Daily Change %	-0.15%
Today daily open	0.8869

Trends
Daily SMA20	0.9028
Daily SMA50	0.9085
Daily SMA100	0.9108
Daily SMA200	0.9348

Levels
Previous Daily High	0.8902
Previous Daily Low	0.8852
Previous Weekly High	0.9093
Previous Weekly Low	0.8886
Previous Monthly High	0.9208
Previous Monthly Low	0.8982
Daily Fibonacci 38.2%	0.8871
Daily Fibonacci 61.8%	0.8883
Daily Pivot Point S1	0.8847
Daily Pivot Point S2	0.8825
Daily Pivot Point S3	0.8798
Daily Pivot Point R1	0.8897
Daily Pivot Point R2	0.8924
Daily Pivot Point R3	0.8946

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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