- USD/CHF eases from intraday high, snaps two-day downtrend.
- Sustained trading below key SMAs, bearish MACD signals favor sellers.
- 61.8% Fibonacci retracement, short-term rising trend line test further downside.
USD/CHF drops back to 0.9200 after consolidating the two-day losses during early Thursday in Asia. The Swiss currency (CHF) pair remains below the key moving averages amid the bearish MACD signals, which in turn backs bearish bias.
However, a clear downside break of the 61.8% Fibonacci retracement (Fibo.) of November’s upside and a four-week-long rising trend line, respectively around 0.9197 and 0.9185, challenge the pair sellers.
In a case where the USD/CHF bears dominate below 0.9185, multiple swings near 0.9150 may probe the quote’s additional declines ahead of the last month’s low of 0.9088.
On the contrary, 200-SMA and 50% Fibo. around 0.9215 and 0.9230 in that order, guards immediate recovery moves of the pair.
Following that, the 100-SMA level of 0.9260 and a monthly high of 0.9275 will lure the USD/CHF buyers.
USD/CHF: Four-hour chart
Trend: Further weakness expected
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