USD/CHF Price Analysis: Slides towards key support lines above 0.9100

USD/CHF extends the week-start fall, holds lower ground near intraday bottom of late.
Impending bear cross on MACD, downbeat RSI strengthen downside bias for the Swiss Franc pair.
Two-week-old support line precedes ascending trend line from early February to test bears.
Bulls have a tough time on their return unless crossing 200-SMA.

Anil Panchal FXStreet

USD/CHF remains depressed around 0.9150 as it keeps the week-start fall amid Tuesday’s sluggish Asian session. In doing so, the Swiss Franc (CHF) pair justifies the looming bear cross on the MACD indicator, as well as the downbeat RSI (14) line.

It’s worth noting that the failure of important Simple Moving Averages (SMAs) during the mid-month run-up adds strength to the bearish bias for the USD/CHF.

However, a fortnight-old ascending trend line, around 0.9135 at the latest, restricts the nearby downside of the USD/CHF pair.

Following that, an upward-sloping support line from early February, close to 0.9110 by the press time, appears the key to watch for the bears as it holds the key to the quote’s further weakness towards challenging the yearly low marked in February around 0.9060.

Alternatively, a one-week-long falling trend line restricts the immediate upside of the USD/CHF pair around 0.9185 ahead of highlighting the 61.8% Fibonacci retracement level of the pair’s February-March fall, near 0.9205.

Should the quote manage to cross the golden Fibonacci ratio, a convergence of the 50% Fibonacci retracement level, 100-SMA and a three-week-old bearish trend line together challenge the USD/CHF bulls near 0.9250.

Also acting as an upside filter is the 200-SMA hurdle surrounding 0.9280.

Overall, USD/CHF is likely to grind lower even if the road toward the south appears bumpy.

USD/CHF: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.9146
Today Daily Change	-0.0010
Today Daily Change %	-0.11%
Today daily open	0.9156

Trends
Daily SMA20	0.9283
Daily SMA50	0.9252
Daily SMA100	0.9319
Daily SMA200	0.9528

Levels
Previous Daily High	0.92
Previous Daily Low	0.9154
Previous Weekly High	0.9317
Previous Weekly Low	0.912
Previous Monthly High	0.9429
Previous Monthly Low	0.9059
Daily Fibonacci 38.2%	0.9172
Daily Fibonacci 61.8%	0.9182
Daily Pivot Point S1	0.914
Daily Pivot Point S2	0.9124
Daily Pivot Point S3	0.9095
Daily Pivot Point R1	0.9186
Daily Pivot Point R2	0.9216
Daily Pivot Point R3	0.9231

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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