USD/CHF Price Analysis: Retreats from monthly high below 0.9100 within rising wedge

USD/CHF renews intraday low while reversing from six-week high.
U-turn from resistance line of rising wedge bearish pattern tease sellers despite upbeat oscillators.
50-DMA adds strength to 0.9000 support confluence, a break of which could welcome Swiss Franc buyers.

Anil Panchal FXStreet

USD/CHF takes offers to refresh the intraday low near 0.9040 as it prints the first daily loss in four during early Friday. In doing so, the Swiss Franc pair retreats from the resistance line of a three-week-old rising wedge bearish chart formation.

It’s worth noting, however, that the MACD indicator flashes bullish signals and the RSI (14) line is also above the 50.0 level, which in turn suggests the USD/CHF pair’s bullish momentum strength and keeps the bear’s off the table.

Also challenging the USD/CHF sellers is the 0.9000 support confluence comprising the 50-DMA and bottom line of the aforementioned wedge.

In a case where the USD/CHF price manages to provide a daily close below the 0.9000 mark, it becomes theoretically vulnerable to renewing the yearly low by dropping to the 0.8750 mark.

That said, the multiple levels around 0.8860-50 and the monthly low of bear 0.8820 may prod the sellers.

Meanwhile, the current place of the stated rising wedge’s top line, near 0.9075, precedes the 0.9100 round figure and April 10 peak of around 0.9115 to challenge the USD/CHF buyers.

Following that, a run-up towards the 61.8% Fibonacci retracement level of March-May downside near 0.9205 can’t be ruled out.

USD/CHF: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.9047
Today Daily Change	-0.0010
Today Daily Change %	-0.11%
Today daily open	0.9057

Trends
Daily SMA20	0.8956
Daily SMA50	0.9019
Daily SMA100	0.9139
Daily SMA200	0.9393

Levels
Previous Daily High	0.9073
Previous Daily Low	0.9038
Previous Weekly High	0.9063
Previous Weekly Low	0.892
Previous Monthly High	0.9198
Previous Monthly Low	0.8852
Daily Fibonacci 38.2%	0.906
Daily Fibonacci 61.8%	0.9051
Daily Pivot Point S1	0.9039
Daily Pivot Point S2	0.902
Daily Pivot Point S3	0.9003
Daily Pivot Point R1	0.9074
Daily Pivot Point R2	0.9092
Daily Pivot Point R3	0.911

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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