USD/CHF Price Analysis: Pierces 0.9100 after breaking monthly falling trend line

USD/CHF attack one-week high following upside clearance of a descending trend line from August 03.
Bullish MACD directs the quote towards 200-bar SMA.
Sellers may wait for re-entry once the pair slips below 100-SMA.

Anil Panchal FXStreet

USD/CHF picks up bids near 0.9110, up 0.21% on a day, during the pre-European session on Wednesday. The pair recently broke a one-month-old resistance line, now support, amid bullish MACD.

As a result, the buyers are attacking a 200-bar SMA level of 0.9145 before targeting the August 20 peak surrounding 0.9160.

However, the pair bears are not going to go back unless the bulls conquer August month high around 0.9240/45.

On the flip side, the pair’s weakness below the previous resistance line, at 0.9100 now, will be challenged by a 100-bar SMA level of 0.9088.

It should, however, be noted that the extended fall below 0.9088 might not hesitate to aim for the yearly bottom close to 0.9000.

USD/CHF four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.911
Today Daily Change	17 pips
Today Daily Change %	0.19%
Today daily open	0.9093

Trends
Daily SMA20	0.9097
Daily SMA50	0.9247
Daily SMA100	0.9444
Daily SMA200	0.9583

Levels
Previous Daily High	0.9101
Previous Daily Low	0.8999
Previous Weekly High	0.9128
Previous Weekly Low	0.9024
Previous Monthly High	0.9242
Previous Monthly Low	0.8999
Daily Fibonacci 38.2%	0.9062
Daily Fibonacci 61.8%	0.9038
Daily Pivot Point S1	0.9028
Daily Pivot Point S2	0.8963
Daily Pivot Point S3	0.8926
Daily Pivot Point R1	0.913
Daily Pivot Point R2	0.9166
Daily Pivot Point R3	0.9232

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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