USD/CHF Price Analysis: Pulls back from key SMAs inside weekly falling channel

USD/CHF sellers attack intraday low of 0.9108 following recent U-turn from 0.9119.
A confluence of 100/200-bar SMAs challenge short-term buyers.
Sellers can aim for the support line of immediate channel.

Anil Panchal FXStreet

USD/CHF drops to 0.9110 while extending losses from the day’s high of 0.9119 during early Wednesday. The pair’s earlier run-up to the intraday peak couldn’t cross a joint of the crucial SMAs.

As a USD/CHF sellers are currently attacking the day’s low of 0.9108 while targeting a visit to the falling trend channel formation’s support, extended from November 10, near 0.9080.

Although the recent trading pattern favors the USD/CHF bounce off 0.9080, failing to do so can fetch the quote towards the 0.9000 psychological magnet whereas the monthly low near 0.8980 can test bears afterward.

On the contrary, an upside clearance of 0.9117/19 resistance confluence can escalate the corrective recovery to the stated channel’s upper line, at 0.9130 now.

While USD/CHF buyers are likely to fade momentum around 0.9130, any more upside will not hesitate to challenge the monthly high near 0.9195.

USD/CHF four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.911
Today Daily Change	0.0000
Today Daily Change %	0.00%
Today daily open	0.911

Trends
Daily SMA20	0.9111
Daily SMA50	0.9136
Daily SMA100	0.9174
Daily SMA200	0.9409

Levels
Previous Daily High	0.9129
Previous Daily Low	0.9088
Previous Weekly High	0.9192
Previous Weekly Low	0.8984
Previous Monthly High	0.9219
Previous Monthly Low	0.9031
Daily Fibonacci 38.2%	0.9104
Daily Fibonacci 61.8%	0.9113
Daily Pivot Point S1	0.9089
Daily Pivot Point S2	0.9069
Daily Pivot Point S3	0.9049
Daily Pivot Point R1	0.913
Daily Pivot Point R2	0.9149
Daily Pivot Point R3	0.917

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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