USD/CHF Price Analysis: Stays on the back foot around 0.9250, eyes further losses

USD/CHF prints three-day downtrend, refreshes intraday low at the latest.
Clear downside break of weekly resistance, failures to bounce back beyond three-week-long horizontal resistance favor sellers.
50-SMA, 50% Fibonacci retracement lures bears, bulls need to refresh monthly high to retake controls.

Anil Panchal FXStreet

USD/CHF remains pressured around the daily low of 0.9252 during the three-day downtrend heading into Tuesday’s European session.

In doing so, the Swiss currency (CHF) pair justifies the previous day’s downside break of the one-week-old ascending trend line.

Also favoring the USD/CHF sellers is the pair’s inability to cross the horizontal area from January 10 during the recent corrective bounces, as well as the bearish MACD signals.

With this, the quote drops towards the convergence of the 50-SMA and 50% Fibonacci retracement (Fibo.) level of January 2022 upside, near 0.9220-15.

However, a confluence of the 61.8% Fibo. and 200-SMA near 0.9190 will challenge the USD/CHF bears afterward.

Meanwhile, the immediate horizontal hurdle and the support-turned-resistance line, respectively around 0.9275 and 0.9320, guard the quote’s short-term upside.

However, USD/CHF bulls remain unconvinced until the quoted stays below January’s low of 0.9343.

USD/CHF: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.9253
Today Daily Change	-0.0013
Today Daily Change %	-0.14%
Today daily open	0.9266

Trends
Daily SMA20	0.9193
Daily SMA50	0.9208
Daily SMA100	0.9219
Daily SMA200	0.9166

Levels
Previous Daily High	0.9343
Previous Daily Low	0.9251
Previous Weekly High	0.9338
Previous Weekly Low	0.9109
Previous Monthly High	0.9343
Previous Monthly Low	0.9092
Daily Fibonacci 38.2%	0.9286
Daily Fibonacci 61.8%	0.9308
Daily Pivot Point S1	0.9231
Daily Pivot Point S2	0.9195
Daily Pivot Point S3	0.9139
Daily Pivot Point R1	0.9323
Daily Pivot Point R2	0.9379
Daily Pivot Point R3	0.9414

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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