USD/CHF Price Analysis: Drills 0.8570 support within multi-month-old bearish channel

USD/CHF remains on the back foot at the lowest levels since January 2015.
Oversold RSI prods Swiss Franc pair sellers within seven-month-old falling trend channel.
100-DMA holds the key to USD/CHF bull’s entry; sellers can aim for 2015 bottom past 0.8570.

Anil Panchal FXStreet

USD/CHF bears keep the reins at the lowest levels since January 2015, down 0.12% intraday near 0.8575 heading into Friday’s European session.

In doing so, the Swiss Franc pair drops for the seventh consecutive day while refreshing the multi-year low. However, the oversold RSI conditions join the bottom line of a downward-sloping trend channel established in December 2022, around 0.8570, to challenge the USD/CHF bears.

In a case where the pair sellers ignore the oversold RSI conditions and defy the bearish chart pattern by breaking the 0.8570 support, the late January 2015 swing low of around 0.8500 may act as the last defense before directing the quote to the year 2015 bottom of 0.8300.

Meanwhile, USD/CHF recovery may aim for the 0.8600 and 0.8700 round figure but the bulls remain off the table unless witnessing a daily closing beyond May’s low of 0.8820.

Even so, the aforementioned multi-month-old bearish channel’s top line, close to 0.8990 at the latest, prods the pair buyers before giving them control.

It should be observed that the 0.9000 psychological magnet and the 100-DMA are extra filters toward the north.

Overall, USD/CHF remains bearish but the sellers appear running out of steam of late, which in turn suggests a corrective bounce in prices.

USD/CHF: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	0.8577
Today Daily Change	-0.0011
Today Daily Change %	-0.13%
Today daily open	0.8588

Trends
Daily SMA20	0.8927
Daily SMA50	0.8976
Daily SMA100	0.9056
Daily SMA200	0.9266

Levels
Previous Daily High	0.8676
Previous Daily Low	0.8582
Previous Weekly High	0.9005
Previous Weekly Low	0.8876
Previous Monthly High	0.912
Previous Monthly Low	0.8902
Daily Fibonacci 38.2%	0.8713
Daily Fibonacci 61.8%	0.8746
Daily Pivot Point S1	0.8622
Daily Pivot Point S2	0.857
Daily Pivot Point S3	0.8481
Daily Pivot Point R1	0.8764
Daily Pivot Point R2	0.8852
Daily Pivot Point R3	0.8905

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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