USD/CHF Price Analysis: Recovery approaches support-turned-resistance around 0.9080

USD/CHF picks up bids to extend the previous day’s rebound from 22-month low.
Upside break of weekly resistance line, looming bull cross on MACD favor Swiss Franc sellers.
Two-month-old previous support line appears crucial for USD/CHF bulls; 100-SMA acts as the last defense of bears.

Anil Panchal FXStreet

USD/CHF lures buyers around 0.9075 as it pierces a downward-sloping resistance line from Monday amid early Thursday in Europe. In doing so, the Swiss Franc (CHF) pair extends the previous day’s recovery moves from the lowest levels since June 2021 amid a sluggish session.

That said, a clear upside break of the immediate resistance line joins an impending bull cross on the MACD to lure USD/CHF buyers. However, the previous support line from early February, around 0.9080 by the press time, challenges the quote’s recovery.

Should the USD/CHF pair remains firmer past 0.9080, a one-month-old resistance line, around 0.9155, precedes the 100-SMA level of around 0.9190 to act as the last defense of the pair sellers.

In a case where the quote rises past 0.9190, and also crosses the 0.9200 round figure, it can aim for the mid-March high of 0.9342.

Meanwhile, the immediate resistance-turned-support line near 0.9070 restricts the immediate downside of the USD/CHF price ahead of the latest bottom surrounding 0.9005. Also acting as a downside filter is the 0.9000 psychological magnet, a break of which could drag the pair toward June 2021 low surrounding 0.8925.

Overall, USD/CHF is likely to consolidate recent losses near the multi-month low but the bullish trend is far from sight.

USD/CHF: Four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.9072
Today Daily Change	0.0002
Today Daily Change %	0.02%
Today daily open	0.907

Trends
Daily SMA20	0.9191
Daily SMA50	0.9242
Daily SMA100	0.9287
Daily SMA200	0.9512

Levels
Previous Daily High	0.9076
Previous Daily Low	0.9007
Previous Weekly High	0.9224
Previous Weekly Low	0.9116
Previous Monthly High	0.944
Previous Monthly Low	0.9072
Daily Fibonacci 38.2%	0.905
Daily Fibonacci 61.8%	0.9034
Daily Pivot Point S1	0.9026
Daily Pivot Point S2	0.8982
Daily Pivot Point S3	0.8957
Daily Pivot Point R1	0.9096
Daily Pivot Point R2	0.9121
Daily Pivot Point R3	0.9165

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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