USD/CHF Price Analysis: Renews three-week low under 0.9200 on breaking 200-DMA
- USD/CHF remains pressured around multi-day low during three-day downtrend.
- Bearish MACD signals, 0.9215 key support break favors sellers.
- Bulls need validation from 0.9255, bears eye four-month-old ascending trend line.
USD/CHF stays depressed around a three-week low, down 0.08% on a day near 0.9170 during early Friday.
The Swiss currency (CHF) pair’s latest loss could be linked to the clear downside break of the 200-DMA. Also adding to the bearish bias are the downbeat MACD signals and sustained trading below 0.9215 support-turned-resistance confluence including 100-DMA and an upward sloping trend line from November 01.
That said, the USD/CHF bears are on the way to a four-month-old support line, near 0.9130. Though, any further weakness will be challenged by the 0.9100 threshold and November’s low of 0.9088.
Meanwhile, corrective pullback remains elusive below the 200-DMA level of 0.9178, a break of which will recall the 0.9200 round figure on the chart.
It’s worth noting that USD/CHF sellers keep the reins until witnessing a clear upside break of the 0.9215 resistance confluence stated above.
Even so, multiple levels marked since late October offer additional filters to the north around 0.9255.
USD/CHF: Daily 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.
