USD/CHF Price Analysis: Sellers challenge 38.2% Fibonacci retracement

USD/CHF halts the previous session’s losses and consolidates on Tuesday.
More pain for the pair if price breaks 0.9250.
MACD trades holds onto the overbought zone with receding upside momentum.

Rekha Chauhan Independent Analyst

USD/CHF trades cautiously on Tuesday in the initial Asian trading hours. The pair confides in a narrow trade band of less than 10-pips movement. At the time of writing, USD/CHF is trading at 0.9248, down 0.02% for the day.

USD/CHF daily chart

On the daily chart, after testing the five-month high near 0.9368, the USD/CHF pair failed to preserve the momentum and touched the low of 0.9230 on Monday. Now, the pair is hovering in a limiting trading range. The sluggish price movement in today’s session suggests that bulls find it difficult to move in an upward direction. Furthermore, the price trades near the 21-day Simple Moving Average (SMA) at 0.9250.

Having said that, if the price sustains below the intraday low, it could immediately test the 38.2% Fibonacci retracement level, which extends from the low of 0.9018 at 0.9225.

The Moving Average Convergence Divergence (MACD) trades in the overbought zone with stretched buying conditions. Any downtick in the MACD would encourage the bears to take over the low made on September 16 at 0.9193. Furthermore, USD/CHF bears would likely testify the 0.9150 horizontal support level

Alternatively, if the price starts moving higher it could move back to the 23.6% Fibonacci retracement level at 0.9275 followed by the psychological 0.9300 mark. Next, USD/CHF bulls would seek the high of September 29 at 0.9355.

USD/CHF additional levels

USD/CHF

Overview
Today last price	0.9247
Today Daily Change	-0.0004
Today Daily Change %	-0.04
Today daily open	0.9251

Trends
Daily SMA20	0.9251
Daily SMA50	0.9184
Daily SMA100	0.9143
Daily SMA200	0.9115

Levels
Previous Daily High	0.9318
Previous Daily Low	0.9231
Previous Weekly High	0.9368
Previous Weekly Low	0.9244
Previous Monthly High	0.9368
Previous Monthly Low	0.9116
Daily Fibonacci 38.2%	0.9264
Daily Fibonacci 61.8%	0.9284
Daily Pivot Point S1	0.9215
Daily Pivot Point S2	0.9179
Daily Pivot Point S3	0.9128
Daily Pivot Point R1	0.9302
Daily Pivot Point R2	0.9354
Daily Pivot Point R3	0.9389

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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