USD/CHF Price Analysis: Fortnight-old support defends buyers above 0.8950

USD/CHF consolidates early Asian session losses after three-day losing streak.
Downbeat Momentum line, falling channel keep sellers hopeful.
100-SMA, weekly top add to the upside filters.

Anil Panchal FXStreet

USD/CHF teases weekly descending channel breakout while picking up bids to 0.8970 as European traders prepare for the bell.

The Swiss currency pair dropped during the initial Asian trading before bouncing off an ascending support line from May 25.

Given the sluggish Momentum line and strong resistance near 0.8970, USD/CHF is likely to witness a pullback towards revisiting the stated support near 0.8964.

It should, however, be noted that the downside break of 0.8965 will have a bumpy road to the south as the stated channel’s lower line and monthly low, respectively around 0.8950 and 0.8940, will test the sellers afterward.

Meanwhile, an upside clearance of 0.8970 isn’t a free pass to the USD/CHF buyers as 100-SMA near 0.8985 and the monthly peak surrounding 0.9010 will act as the tough resistances.

During the quote’s run-up beyond 0.9010, 0.9030 can offer an intermediate halt before highlighting the 0.9050-55 levels for the bulls.

USD/CHF four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.8966
Today Daily Change	-0.0002
Today Daily Change %	-0.02%
Today daily open	0.8968

Trends
Daily SMA20	0.8998
Daily SMA50	0.9114
Daily SMA100	0.9107
Daily SMA200	0.9073

Levels
Previous Daily High	0.8989
Previous Daily Low	0.8952
Previous Weekly High	0.9054
Previous Weekly Low	0.8947
Previous Monthly High	0.9165
Previous Monthly Low	0.893
Daily Fibonacci 38.2%	0.8966
Daily Fibonacci 61.8%	0.8975
Daily Pivot Point S1	0.895
Daily Pivot Point S2	0.8932
Daily Pivot Point S3	0.8913
Daily Pivot Point R1	0.8988
Daily Pivot Point R2	0.9007
Daily Pivot Point R3	0.9025

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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