USD/CHF Price Analysis: Poised for further downside towards 0.8900

USD/CHF remains on the back foot for sixth day.
Sustained trading below 200-HMA, bearish MACD favor sellers.
Weekly support line can test sellers before February lows.

Anil Panchal FXStreet

USD/CHF stays pressured around 0.8940 amid early Friday. In doing so, the Swiss currency (CHF) pair keeps trading under the 200-HMA while fading Wednesday’s bounce off February 17 low.

Given the bearish MACD and an extended downward trajectory favoring the sellers, USD/CHF is likely to re-test the 0.8900 threshold during the further weakness.

However, any further downside will be challenged by the weekly support line around 0.8895 before directing the bears towards February’s monthly low near 0.8870.

Meanwhile, an upside clearance of 200-HMA, near 0.8982 needs validation from the 0.9000 psychological magnet to challenge the monthly peak near 0.9055.

It’s worth noting that the uptrend isn’t likely to be confirmed unless the quote crosses the mid-March low near 0.9215.

USD/CHF hourly chart

Trend: Bearish

Additional improtant levels

Overview
Today last price	0.8942
Today Daily Change	-0.0003
Today Daily Change %	-0.03%
Today daily open	0.8945

Trends
Daily SMA20	0.8985
Daily SMA50	0.9094
Daily SMA100	0.9109
Daily SMA200	0.9071

Levels
Previous Daily High	0.8994
Previous Daily Low	0.8941
Previous Weekly High	0.9054
Previous Weekly Low	0.8947
Previous Monthly High	0.9165
Previous Monthly Low	0.893
Daily Fibonacci 38.2%	0.8961
Daily Fibonacci 61.8%	0.8974
Daily Pivot Point S1	0.8926
Daily Pivot Point S2	0.8906
Daily Pivot Point S3	0.8872
Daily Pivot Point R1	0.8979
Daily Pivot Point R2	0.9014
Daily Pivot Point R3	0.9033

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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