USD/CHF Price Analysis: Stays bearish below 0.9100 despite latest inaction

USD/CHF retreats towards intraday low, eyes first weekly loss in five.
Lower high prices join downbeat RSI (14) line, bearish MACD signals to keep sellers hopeful.
One-month-old rising trend line, 100-SMA prod Swiss Franc (CHF) buyers.

Anil Panchal FXStreet

USD/CHF clings to mild losses near 0.9070 as it fades bounce off the intraday low early Wednesday. In doing so, the Swiss Franc (CHF) pair struggles for clear directions while staying between the key support line stretched from March and a one-week-long descending resistance line. It should be noted that the quote fades bounce off the 100-SMA, poked the previous day.

Bearish MACD signals join the lower high formation on the RSI (14) line and the USD/CHF price to suggest the pair’s further downside.

However, a clear break of the aforementioned support line, near 0.9055 by the press time, becomes necessary for the USD/CHF bear’s entry. Even so, the 100-SMA support of 0.9037 can act as an additional check for the pair sellers.

Following that, a downward trajectory towards the 0.9000 psychological magnet and then to the 200-SMA level of around 0.8975 can be expected.

On the flip side, USD/CHF buyers need to cross a downward-sloping resistance line from the previous Wednesday, near 0.9105 as we write, to retake control.

In that case, the Swiss Franc (CHF) pair may challenge the previous monthly high of around 0.9150 before eyeing the yearly peak marked in March around 0.9440.

USD/CHF: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.9072
Today Daily Change	-0.0004
Today Daily Change %	-0.04%
Today daily open	0.9076

Trends
Daily SMA20	0.9021
Daily SMA50	0.8996
Daily SMA100	0.9124
Daily SMA200	0.9369

Levels
Previous Daily High	0.9098
Previous Daily Low	0.9034
Previous Weekly High	0.9148
Previous Weekly Low	0.9014
Previous Monthly High	0.9148
Previous Monthly Low	0.882
Daily Fibonacci 38.2%	0.9073
Daily Fibonacci 61.8%	0.9058
Daily Pivot Point S1	0.904
Daily Pivot Point S2	0.9005
Daily Pivot Point S3	0.8976
Daily Pivot Point R1	0.9105
Daily Pivot Point R2	0.9134
Daily Pivot Point R3	0.917

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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