USD/CHF Price Analysis: Fades bounce off 27-month low within bullish triangle

USD/CHF takes offers to refresh intraday low, retreats from top line of a two-week-old descending triangle.
Sluggish oscillators suggest continuation of lower grind, multiple levels surrounding 0.8860 challenge Swiss Franc pair sellers.
Bulls need validation from 200-HMA to retake control.

Anil Panchal FXStreet

USD/CHF refreshes intraday low near 0.8705 as it drops back towards the lowest levels since January 2021 marked the previous day amid Thursday’s sluggish Asian session. In doing so, the Swiss Franc (CHF) pair retreats from the resistance line of a two-week-old bullish triangle, recently slipping beneath the 100-Hour Moving Average (HMA).

Given the unimpressive prints of the MACD signals and RSI (14), the USD/CHF is likely to continue declining.

However, multiple supports around 0.8860 appear a tough nut to crack for the Swiss Franc pair sellers to break.

Following that, the pair’s gradual south run towards the year 2021 low of around 0.8755 can’t be ruled out.

Meanwhile, the 100-HMA and the top line of the aforementioned triangle, respectively near 0.8910 and 0.8915, guard the short-term recovery of the USD/CHF pair.

It’s worth noting that the confirmation of the bullish triangle breakout, via a sustained break of 0.8915, isn’t an open invitation to the USD/CHF buyers as they need validation from the 200-HMA hurdle of 0.8935.

Also acting as an upside filter is the previous weekly high around the 0.9000 psychological magnet, a break of which could propel the quote towards the monthly top surrounding 0.9200.

USD/CHF: Hourly chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	0.8907
Today Daily Change	-0.0004
Today Daily Change %	-0.04%
Today daily open	0.8911

Trends
Daily SMA20	0.9001
Daily SMA50	0.917
Daily SMA100	0.9212
Daily SMA200	0.9455

Levels
Previous Daily High	0.8926
Previous Daily Low	0.8852
Previous Weekly High	0.9003
Previous Weekly Low	0.8908
Previous Monthly High	0.944
Previous Monthly Low	0.9072
Daily Fibonacci 38.2%	0.888
Daily Fibonacci 61.8%	0.8898
Daily Pivot Point S1	0.8867
Daily Pivot Point S2	0.8822
Daily Pivot Point S3	0.8793
Daily Pivot Point R1	0.894
Daily Pivot Point R2	0.897
Daily Pivot Point R3	0.9014

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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