USD/CHF Price Analysis: Prints falling wedge on hourly chart

USD/CHF slips below 0.9100 after failing to keep Monday’s recovery moves from 0.9087.
A bullish chart pattern can take clues from an upbeat MACD histogram.
Bears may target the mid-September bottom ahead of the August low.

Anil Panchal FXStreet

USD/CHF eases the upside momentum while declining to 0.9093 during the pre-European trading on Tuesday. Even so, bullish MACD and falling wedge on the hourly chart keeps the pair buyers hopeful.

As a result, a clear break of the 0.9115 resistance will confirm the quote’s upside towards 100 and 200-HMAs, respectively near 0.9140 and 0.9160.

In a case where the USD/CHF bulls remain in command past-0.9160, Thursday’s high near 0.9200 will become their favorite.

Meanwhile, a downside break of the pattern’s support line, at 0.9083 now, will direct the sellers towards 0.9050 surrounding the mid-September lows.

Though, any more downside by the USD/CHF prices below 0.9050 will make it vulnerable to attack the 0.9000 psychological magnet.

USD/CHF hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.9094
Today Daily Change	2 pips
Today Daily Change %	0.02%
Today daily open	0.9092

Trends
Daily SMA20	0.9171
Daily SMA50	0.9131
Daily SMA100	0.9284
Daily SMA200	0.9486

Levels
Previous Daily High	0.9124
Previous Daily Low	0.9088
Previous Weekly High	0.9203
Previous Weekly Low	0.9093
Previous Monthly High	0.9296
Previous Monthly Low	0.8999
Daily Fibonacci 38.2%	0.9101
Daily Fibonacci 61.8%	0.911
Daily Pivot Point S1	0.9078
Daily Pivot Point S2	0.9065
Daily Pivot Point S3	0.9042
Daily Pivot Point R1	0.9115
Daily Pivot Point R2	0.9137
Daily Pivot Point R3	0.9151

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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