USD/CHF Price Analysis: Retreats from 200-HMA inside weekly rising wedge

USD/CHF eases from weekly top after three-day uptrend, inside bearish chart pattern.
100-HMA, 23.6% Fibonacci retracement adds to the downside filters, bulls need validation from monthly peak.

Anil Panchal FXStreet

USD/CHF pauses weekly rebound, easing to 0.9167 ahead of Wednesday’s European session. In doing so, the Swiss currency (CHF) pair steps back from the 200-HMA inside a short-term rising wedge bearish chart pattern.

Given the pair’s failure to cross the key HMA, coupled with the firmer Momentum and bearish chart pattern, its further declines are likely on the table.

However, a clear downside break of the stated wedge’s support line, near 0.9155, becomes necessary for the USD/CHF sellers to aim for the theoretical target of 0.9070.

Though, a convergence of the 100-HMA and 23.6% Fibonacci retracement (Fibo.) level of January 11-13 downside, near 0.9135, becomes a crucial intermediate halt to test bears.

Meanwhile, the 200-HMA and upper line of the stated wedge, respectively around 0.9180 and 0.9185, guard the quote’s short-term rebound.

Following that, the 61.8% Fibo. level and the monthly high, close to 0.9205 and 0.9280 in that order, will be in focus.

USD/CHF: Hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.9167
Today Daily Change	-0.0007
Today Daily Change %	-0.08%
Today daily open	0.9174

Trends
Daily SMA20	0.9173
Daily SMA50	0.9216
Daily SMA100	0.9215
Daily SMA200	0.9165

Levels
Previous Daily High	0.9179
Previous Daily Low	0.9132
Previous Weekly High	0.9278
Previous Weekly Low	0.9092
Previous Monthly High	0.9295
Previous Monthly Low	0.9102
Daily Fibonacci 38.2%	0.9161
Daily Fibonacci 61.8%	0.915
Daily Pivot Point S1	0.9144
Daily Pivot Point S2	0.9114
Daily Pivot Point S3	0.9097
Daily Pivot Point R1	0.9192
Daily Pivot Point R2	0.9209
Daily Pivot Point R3	0.9239

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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