USD/CHF Price Analysis: Pullback remains elusive beyond 0.9280
- USD/CHF remains pressured near intraday low, prints the first daily loss in three.
- Multiple supports stand tall to challenge sellers even as looming bear cross on MACD signal further downside.
- 200-HMA, two-week-old descending trend line guard immediate upside.
USD/CHF holds lower ground near the intraday bottom as bears struggle to retake control, after a two-day leave, during early Monday. That said, the Swiss Franc (CHF) pair prints mild losses near 0.9320 by the press time.
The quote’s latest weakness could be linked to the U-turn from a fortnight-long descending resistance line, as well as the 200-HMA. Also keeping the USD/CHF bears hopeful is the looming bear cross on the MACD indicator.
However, the downside moves remain unconvincing to the pair bears unless the quote stays beyond the previous resistance line from November 30, close to the 0.9300 threshold by the press time.
Also challenging the USD/CHF bulls is an upward-sloping trend line from the last Wednesday, around 0.9280 at the latest.
In a case where the quote remains bearish below 0.9280, the odds of witnessing a downturn toward the monthly low near 0.9215 can’t be ruled out.
On the flip side, buyers need to keep the reins past 0.9350 to mark their dominance. In doing so, the quote should stay past the aforementioned immediate resistance line and the 200-HMA.
Following that, a run-up towards the 0.9400 threshold and then to the monthly high 0.9470 can’t be ruled out.
USD/CHF: Hourly 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.
