USD/CHF Price Analysis: Key SMAs probe break of weekly support line above 0.9100
- USD/CHF sellers attack 200-bar SMA, at lowest since Friday, after breaking one-week-old support line the previous day.
- RSI conditions suggest pullback, monthly horizontal resistance keeps questioning the bulls.
USD/CHF drops to 0.9111, down 0.15% on a day, during the pre-European session on Thursday. Although the downside break of an ascending trend line from September 01 favors the pair sellers, 200 and 100-bar SMAs restrict immediate downside.
Other than the 200 and 100-bar SMAs, respectively around 0.9110 and 0.9100, the RSI’s nearness to the oversold territory also challenges the bears.
Even so, the quote’s sustained downside past-0.9100 can have 0.9050 and 0.9010 as intermediate halts before challenging the multi-week low of 0.8999 flashed during the September start.
On the contrary, the pair’s pullback moves can aim for 0.9160 but a horizontal area since August 03, close to 0.9200, will keep the buyers away.
USD/CHF four-hour chart
Trend: Pullback expected
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.
