USD/CHF Price Analysis: Rebounds from 0.9110 support confluence

USD/CHF pares the previous day’s losses at three-week low.
Convergence of one-week-old and two-month-long ascending trend lines puts a floor under Swiss Franc pair.
Sluggish oscillators, strong resistances challenge pair buyers unless the quote stays below 200-SMA.

Anil Panchal FXStreet

USD/CHF picks up bids to refresh its intraday high near 0.9140 as it consolidates the week-start losses at a multi-day low. With this, the Swiss Franc (CHF) bounces off short-term key support lines heading into Tuesday’s European session.

A one-week-long ascending trend line joins an upward-sloping support line from early February to highlight the 0.9110 level as the key downside support, from which the USD/CHF pair recovered recently.

It’s worth noting, however, that the MACD and RSI (14) struggle to convince USD/CHF bulls as they approach a three-week-long descending resistance line, close to 0.9180.

Also acting as a short-term important upside hurdle is the 100-SMA level surrounding 0.9195, quickly followed by the 0.9200 round figures.

In a case where the USD/CHF prices remain firmer past 0.9200, the 200-SMA hurdle of 0.9266 can act as the last defense of bears.

Alternatively, the aforementioned trend line confluence near 0.9110 appears a tough nut to crack for the USD/CHF bears on their return.

Following that, lows marked in March and February, respectively around 0.9070 and 0.9060 can challenge the pair sellers.

Should the quote remains bearish past 0.9060, the odds of witnessing a slump toward the 0.9000 round figure can’t be ruled out.

USD/CHF: Four-hour chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price	0.9142
Today Daily Change	0.0018
Today Daily Change %	0.20%
Today daily open	0.9124

Trends
Daily SMA20	0.9226
Daily SMA50	0.9248
Daily SMA100	0.9294
Daily SMA200	0.9517

Levels
Previous Daily High	0.9198
Previous Daily Low	0.9116
Previous Weekly High	0.9224
Previous Weekly Low	0.9116
Previous Monthly High	0.944
Previous Monthly Low	0.9072
Daily Fibonacci 38.2%	0.9147
Daily Fibonacci 61.8%	0.9166
Daily Pivot Point S1	0.9094
Daily Pivot Point S2	0.9064
Daily Pivot Point S3	0.9012
Daily Pivot Point R1	0.9176
Daily Pivot Point R2	0.9228
Daily Pivot Point R3	0.9259

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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