USD/CHF Price Analysis: Eases inside weekly rising wedge around 0.9250


  • 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

Additional important levels

Overview
Today last price 0.9242
Today Daily Change -0.0013
Today Daily Change % -0.14%
Today daily open 0.9255
 
Trends
Daily SMA20 0.9167
Daily SMA50 0.922
Daily SMA100 0.9191
Daily SMA200 0.9161
 
Levels
Previous Daily High 0.9257
Previous Daily Low 0.9187
Previous Weekly High 0.9238
Previous Weekly Low 0.9102
Previous Monthly High 0.9338
Previous Monthly Low 0.9106
Daily Fibonacci 38.2% 0.923
Daily Fibonacci 61.8% 0.9214
Daily Pivot Point S1 0.9209
Daily Pivot Point S2 0.9163
Daily Pivot Point S3 0.9139
Daily Pivot Point R1 0.9279
Daily Pivot Point R2 0.9303
Daily Pivot Point R3 0.9349

 

 

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