USD/CHF Price Analysis: Oversold RSI probes 100-SMA breakdown near fortnight low

USD/CHF remains depressed around two-week low after breaking 100-SMA.
Oversold RSI conditions test bears but the downside bias remains intact.
Previous support line from April adds to the upside filters.

Anil Panchal FXStreet

USD/CHF bears struggle to keep the reins around a two-week bottom, despite breaking the key technical supports of late. That said, the Swiss currency (CHF) pair drops 0.25% intraday as sellers attack 0.9860 level by the press time.

A clear downside break of the monthly support line, now resistance around 1.0000, joins the break of the 100-SMA level of 0.9865 to keep the USD/CHF bears hopeful.

However, the oversold RSI (14) line challenges the quote’s further declines, suggesting a corrective pullback towards 0.9920 immediate hurdle ahead of challenging the support-turned-resistance line near 1.0000.

In a case where USD/CHF remains firmer past 1.000, the monthly high of 1.0065 and the 1.0100 will lure the bulls.

On the contrary, a monthly low of around 0.9710 precedes the 200-SMA level of 0.9645 to restrict the short-term downside of the USD/CHF prices.

Should CHF bulls dominate past 0.9645, the odds of a gradual south-run towards the early April peak near 0.9375 can’t be ruled out.

USD/CHF: Four-hour chart

Trend: Further weakness 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.

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