- USD/CHF steps back from monthly peak, refreshes intraday low of late.
- Bearish chart pattern, receding bullish bias of MACD keep sellers hopeful.
- Key HMAs add to the downside filters, bulls have multiple hurdles on the north.
USD/CHF consolidates the previous day’s heavy gains around 0.9240, down 0.14% intraday around early Tuesday.
In doing so, the Swiss currency (CHF) pair steps back from a one-week-old rising wedge bearish chart pattern on the hourly formation amid easing bullish bias of the MACD.
Hence, the quote is likely to challenge the bearish pattern’s support line near 0.9210, a break of which will theoretically trigger the south-run targeting a fresh low of the monthly around 0.9050.
During the fall, 100 and 200-HMA levels, respectively near 0.9195 and 0.9160, will precede the monthly bottom of 0.9088 to offer intermediate halts.
Alternatively, recovery moves need to the wedge’s upper line, near 0.9255 at the latest, to defy the bearish chart pattern.
Following that, the 0.9300 threshold and the mid-October peak close to 0.9315 will be in focus.
USD/CHF: Hourly chart
Trend: Further weakness expected
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