USD/CHF Price Analysis: Extends key support break to refresh 20-month low near 0.9050

USD/CHF holds lower grounds after refreshing multi-day bottom.
Downside break of two-month-old ascending trend line, bearish MACD signals favor sellers.
Oversold RSI highlights August 2021 low as nearby key support, 61.8% FE lures bears.
Buyers remain away unless the quote stays below 0.9180.

Anil Panchal FXStreet

USD/CHF bears take a breather at the lowest levels since August 2021, making rounds to 0.9050 during early Wednesday.

The Swiss Franc (CHF) pair refreshed the multi-day low and portrayed a three-day downtrend earlier in Asia while justifying the previous day’s break of the key ascending support line from early February, now immediate resistance near 0.9080.

Adding strength to the downside bias are the bearish MACD signals and the quote’s one-month-old downward trajectory, as indicated by a descending resistance line from early March.

However, the RSI (14) inches close to the oversold territory and hence suggests the dip-buying, which in turn highlights the August 2021 bottom of around 0.9020 and the 0.9000 as the important supports.

Following that, the 61.8% Fibonacci Expansion (FE) of the pair’s moves between November 2022 and March 2023, around 0.8920, will be in focus.

Alternatively, the support-turned-resistance line challenges the USD/CHF pair’s immediate recovery moves around 0.9080, a break which can direct the buyers toward challenging the 10-DMA hurdle of 0.9145.

In a case where the USD/CHF remains firmer past 0.9145, the aforementioned one-month-old resistance line of near 0.9180 can act as the last defense of the bears.

USD/CHF: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.9055
Today Daily Change	-0.0004
Today Daily Change %	-0.04%
Today daily open	0.9059

Trends
Daily SMA20	0.9208
Daily SMA50	0.9245
Daily SMA100	0.9291
Daily SMA200	0.9514

Levels
Previous Daily High	0.9143
Previous Daily Low	0.9055
Previous Weekly High	0.9224
Previous Weekly Low	0.9116
Previous Monthly High	0.944
Previous Monthly Low	0.9072
Daily Fibonacci 38.2%	0.9089
Daily Fibonacci 61.8%	0.9109
Daily Pivot Point S1	0.9028
Daily Pivot Point S2	0.8998
Daily Pivot Point S3	0.8941
Daily Pivot Point R1	0.9116
Daily Pivot Point R2	0.9174
Daily Pivot Point R3	0.9204

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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