USD/CHF Price Analysis: Five-week-long support tests bears around 0.9150

USD/CHF remains pressured around monthly low after declining the most in three weeks.
Bearish MACD signals, sustained trading below the key DMAs keep sellers hopeful.
Sellers can aim for ascending support line from June 2021 on breaking 0.9155.

Anil Panchal FXStreet

USD/CHF holds onto the previous day’s bearish bias around 0.9160-55 heading into Tuesday’s European session.

The Swiss currency (CHF) pair dropped the most in three weeks on Monday amid a broad risk-off mood. However, an upward sloping trend line from January 13 restricts the quote’s immediate downside near 0.9155.

It should be noted, however, that the bearish MACD signals join the pair’s successful trading below the 50-DMA and 200-DMA, to favor sellers targeting an eight-month-old support line near 0.9120.

In a case where USD/CHF drops below 0.9120, the 2022 bottom surrounding 0.9090 will be in focus.

On the flip side, corrective pullback needs validation from the 200-DMA level of 0.9180 before directing buyers towards the 50-DMA, close to 0.9200 by the press time.

Should USD/CHF rally beyond 0.9200, a downward sloping resistance line from January 31, around 0.9250, may lure the pair buyers.

USD/CHF: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.9162
Today Daily Change	-0.0003
Today Daily Change %	-0.03%
Today daily open	0.9165

Trends
Daily SMA20	0.9236
Daily SMA50	0.9203
Daily SMA100	0.9213
Daily SMA200	0.9178

Levels
Previous Daily High	0.9217
Previous Daily Low	0.915
Previous Weekly High	0.9274
Previous Weekly Low	0.9188
Previous Monthly High	0.9343
Previous Monthly Low	0.9092
Daily Fibonacci 38.2%	0.9176
Daily Fibonacci 61.8%	0.9192
Daily Pivot Point S1	0.9138
Daily Pivot Point S2	0.9111
Daily Pivot Point S3	0.9071
Daily Pivot Point R1	0.9205
Daily Pivot Point R2	0.9244
Daily Pivot Point R3	0.9272

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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