USD/CHF Price Analysis: Pokes 50-SMA hurdle below 0.9400 ahead of Swiss inflation release

USD/CHF picks up bids to pare the biggest daily loss in a month.
Bearish MACD signals, 50-SMA challenge recovery moves after snapping two-week uptrend.
One-month-old ascending support line, 100-SMA lures sellers during fresh declines.

Anil Panchal FXStreet

USD/CHF struggles to defend the corrective bounce from 0.9360 as it jostles with the 50-SMA resistance during early Monday. In doing so, the Swiss currency pair portrays the cautious mood ahead of February’s Consumer Price Index (CPI) data from Switzerland, expected 2.9% YoY versus 3.3% previous readings.

Apart from the pre-data caution, the bearish MACD signals and a one-week-old horizontal resistance near 0.9430 also challenge the USD/CHF buyers.

Following that, the monthly high surrounding 0.9440 can act as a validation point for the rally targeting a late November 2022 swing high of near the 0.9600 threshold.

On the flip side, the 23.6% Fibonacci retracement of the pair’s February month upside, near 0.9350 restricts the immediate downside of the USD/CHF pair.

Even if the quote remains weak past 0.9350, an upward-sloping support line from early February and the 100-DMA, respectively near 0.9340 and 0.9300, may act as the last defense of the USD/CHF buyers.

Should the pair trade southwards past 0.9300, lows marked during February 2023, around 0.9135 and 0.9060, will be in focus.

Overall, USD/CHF is likely to remain on the bear’s radar unless the quote remains successfully above 0.9430.

USD/CHF: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.9369
Today Daily Change	0.0007
Today Daily Change %	0.07%
Today daily open	0.9362

Trends
Daily SMA20	0.9292
Daily SMA50	0.9261
Daily SMA100	0.9435
Daily SMA200	0.9567

Levels
Previous Daily High	0.9424
Previous Daily Low	0.9359
Previous Weekly High	0.944
Previous Weekly Low	0.9342
Previous Monthly High	0.9429
Previous Monthly Low	0.9059
Daily Fibonacci 38.2%	0.9384
Daily Fibonacci 61.8%	0.9399
Daily Pivot Point S1	0.9339
Daily Pivot Point S2	0.9317
Daily Pivot Point S3	0.9274
Daily Pivot Point R1	0.9404
Daily Pivot Point R2	0.9447
Daily Pivot Point R3	0.947

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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