USD/CHF Price Analysis: Retreats towards one-week-old support near 0.9250

USD/CHF pares the biggest daily gains in three weeks by reversing from golden Fibonacci ratio.
Multiple trend lines, 200-SMA stand tall to challenge downside move, RSI conditions also suggest further grinding towards the north.
Buyers seem to have a smooth road ahead of 0.9350 hurdle.

Anil Panchal FXStreet

USD/CHF seesaws around 0.9265 as it consolidates the previous day’s gains with mild losses heading into Wednesday’s European session. In doing so, the Swiss Franc (CHF) pair makes a U-turn from the 61.8% Fibonacci retracement level, also known as the golden Fibonacci ratio, to pare the biggest daily jump since early February.

Even so, the most steady RSI (14), above 50, joins the bullish MACD signals, despite being sluggish of late, to keep the USD/CHF buyers hopeful.

That said, a one-week-old ascending trend line restricts the immediate downside of the USD/CHF pair near 0.9245.

Following that, the 50% Fibonacci retracement level and the 200-SMA could probe the bears around 0.9235 and 0.9220 in that order.

It’s worth noting that an upward-sloping support line from February 01, close to 0.9185 at the latest, appears the last defense of the USD/CHF bulls.

On the flip side, a clear break of the aforementioned key Fibonacci retracement level of 0.9275 could quickly propel the USD/CHF prices toward the 0.9300 round figure before highlighting the latest swing top near 0.9335.

Though, multiple hurdles near 0.9350 seem to challenge the USD/CHF pair’s upside past 0.9335, a break of which could easily challenge the previous monthly high surrounding 0.9490.

USD/CHF: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.9264
Today Daily Change	-0.0012
Today Daily Change %	-0.13%
Today daily open	0.9276

Trends
Daily SMA20	0.9216
Daily SMA50	0.9247
Daily SMA100	0.9481
Daily SMA200	0.9579

Levels
Previous Daily High	0.9283
Previous Daily Low	0.9228
Previous Weekly High	0.9332
Previous Weekly Low	0.9138
Previous Monthly High	0.941
Previous Monthly Low	0.9085
Daily Fibonacci 38.2%	0.9262
Daily Fibonacci 61.8%	0.9249
Daily Pivot Point S1	0.9242
Daily Pivot Point S2	0.9208
Daily Pivot Point S3	0.9188
Daily Pivot Point R1	0.9297
Daily Pivot Point R2	0.9317
Daily Pivot Point R3	0.9352

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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