USD/CHF Price Analysis: Looks set to battle 0.8990 key hurdle

USD/CHF reverses the previous day’s pullback from weekly top.
Confluence of three-week-old horizontal line, falling trend line from May 06 will test buyers amid bullish MACD.
Sellers should look for entries below three-day-long support line.

Anil Panchal FXStreet

USD/CHF prints 0.10% intraday gains while picking up bids to 0.8977, intraday high 0.8979, ahead of Friday’s European session. In doing so, the quote regains upside momentum, lost the previous day, backed by the bullish MACD.

It should, however, be noted that a convergence of crucial trend lines around 0.8990 should be considered a tough nut to crack for the USD/CHF buyers.

In a case where the pair crosses the 0.8990, a sustained break of the 0.9000 threshold becomes necessary to validate the run-up towards the mid-0.9000s.

Alternatively, pullback moves may rebound from an immediate rising support line near 0.8960, failures to do so can once again highlight the 0.8930-25 area comprising multiple levels marked since December 2020.

Overall, USD/CHF is consolidating the latest losses but the medium-term bulls have a long way to go.

USD/CHF four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.8977
Today Daily Change	9 pips
Today Daily Change %	0.10%
Today daily open	0.8968

Trends
Daily SMA20	0.9034
Daily SMA50	0.9172
Daily SMA100	0.9099
Daily SMA200	0.9077

Levels
Previous Daily High	0.9009
Previous Daily Low	0.8961
Previous Weekly High	0.9048
Previous Weekly Low	0.8954
Previous Monthly High	0.9473
Previous Monthly Low	0.908
Daily Fibonacci 38.2%	0.8979
Daily Fibonacci 61.8%	0.899
Daily Pivot Point S1	0.895
Daily Pivot Point S2	0.8931
Daily Pivot Point S3	0.8902
Daily Pivot Point R1	0.8998
Daily Pivot Point R2	0.9027
Daily Pivot Point R3	0.9046

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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