- USD/CHF bears attack 0.9500 following the pullback from 0.9530.
- A four-day-old ascending trend channel, 200-HMA guards immediate downside.
- 61.8% Fibonacci retracement adds to the upside barriers.
USD/CHF refreshes the intraday low to 0.9506 while heading into the European open on Monday. Even so, the pair stays inside an immediate upward sloping channel formation above 200-HMA.
While bearish MACD suggests the pairs’ further weakness towards the channel’s support line of 0.9490, near to 200-HMA level of 0.9485, its additional downside becomes less likely.
In a case where the sellers dominate past-0.9485, the previous week’s low near 0.9465 might offer an intermediate halt during the fall towards 0.9400 round-figure and then to the monthly low near 0.9375.
Alternatively, an upside clearance of 0.9530 will not only have to cross 61.8% Fibonacci retracement of June 05-11 fall, at 0.9545 but also need to rise past the said channel’s resistance line, currently around 0.9550 to please the buyers.
In doing so, the quote might catch a breather near June 12 top close to 0.9555, beyond that 0.9585 and 0.9615 will be on the bulls’ radars.
USD/CHF hourly chart
Trend: Further weakness expected
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