USD/CHF Price Analysis: Retreats towards resistance-turned-support above 0.9200

USD/CHF takes offers to refresh intraday low, snaps three-day uptrend.
Bullish MACD signals, key trend line breakout keeps buyers hopeful.
Two-month-old bearish channel, 50-DMA challenges upside bias below 0.9320.

Anil Panchal FXStreet

USD/CHF bulls struggle to keep the reins after a three-day uptrend as the Swiss currency pair drops to 0.9240 while flashing the first daily loss in four during early Tuesday. In doing so, the quote retreats toward the previous resistance line from January 06.

However, the bullish MACD signals and the pair’s trading beyond the resistance-turned-support, around 0.9225 by the press time, keeps the USD/CHF buyers hopeful.

Even if the pair drops back below the previous resistance line, a two-week-old ascending support line near 0.9190 could challenge the USD/CHF bears.

In a case where the quote remains bearish past 0.9190, the monthly low and lower line of the two-month-long bearish channel, respectively near 0.9085 and 0.9040, will be in focus.

On the contrary, a convergence of the 50-DMA and the stated bearish channel’s top line highlights the 0.9320 as a tough nut to crack for the USD/CHF bulls.

Following that, a run-up towards refreshing the monthly high, currently around 0.9410 becomes imminent before challenging the late November 2022 swing high close to the 0.9600 round figure.

It’s worth observing that the 0.9500 round figure may act as an intermediate halt during the quote’s rally between 0.9410 and 0.9600.

USD/CHF: Daily chart

Trend: Recovery expected

Additional important levels

Overview
Today last price	0.9244
Today Daily Change	-0.0009
Today Daily Change %	-0.10%
Today daily open	0.9253

Trends
Daily SMA20	0.9245
Daily SMA50	0.9312
Daily SMA100	0.9567
Daily SMA200	0.963

Levels
Previous Daily High	0.9257
Previous Daily Low	0.9182
Previous Weekly High	0.928
Previous Weekly Low	0.9158
Previous Monthly High	0.9471
Previous Monthly Low	0.9201
Daily Fibonacci 38.2%	0.9228
Daily Fibonacci 61.8%	0.9211
Daily Pivot Point S1	0.9205
Daily Pivot Point S2	0.9156
Daily Pivot Point S3	0.913
Daily Pivot Point R1	0.9279
Daily Pivot Point R2	0.9305
Daily Pivot Point R3	0.9354

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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