USD/CHF Price Analysis: Mildly bid around 0.9200 but bears keep controls

USD/CHF struggles to keep the first daily gains in four around three-week low.
Short-term falling channel, 100-SMA challenge bulls amid sluggish Momentum.
Fresh declines eye 0.9140-45 support confluence, further weakness will have a bumpy road.

Anil Panchal FXStreet

USD/CHF fades bounce off three-week low to revisit 0.9200 amid early Wednesday. The Swiss currency (CHF) pair drops during the last three days before bouncing off 0.9157 support on Tuesday.

In doing so, the quote portrays a weekly descending channel to tease the sellers. Adding to the bearish bias is the sluggish Momentum line that doesn’t support the latest rebound, as well as sustained trading below the 100-SMA.

That said, the quote presently aims for a convergence of the stated channel and an ascending trend line from early November, close to 0.9145-40.

However, the pair’s further weakness will have multiple hurdles around 0.9100, a break of which will direct USD/CHF sellers to attack the last month’s low near 0.9088.

Meanwhile, buyers may aim for the 100-SMA and channel’s resistance line, near 0.9255-60, during additional upside.

In a case where the USD/CHF prices cross the 0.9260 hurdle, a fortnight-old horizontal line near 0.9325 will challenge the bulls before directing them to November’s peak of 0.9373.

USD/CHF: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.9204
Today Daily Change	0.0024
Today Daily Change %	0.26%
Today daily open	0.918

Trends
Daily SMA20	0.9231
Daily SMA50	0.9233
Daily SMA100	0.9199
Daily SMA200	0.918

Levels
Previous Daily High	0.9267
Previous Daily Low	0.9158
Previous Weekly High	0.9374
Previous Weekly Low	0.9218
Previous Monthly High	0.9374
Previous Monthly Low	0.9088
Daily Fibonacci 38.2%	0.9199
Daily Fibonacci 61.8%	0.9225
Daily Pivot Point S1	0.9136
Daily Pivot Point S2	0.9092
Daily Pivot Point S3	0.9027
Daily Pivot Point R1	0.9245
Daily Pivot Point R2	0.9311
Daily Pivot Point R3	0.9355

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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