USD/CHF Price Analysis: Treads water around mid-0.9000s on Fed day, bulls have a long way to go


  • USD/CHF remains sidelined within the key DMA envelope amid pre-Fed inaction.
  • Clear downside break of previous support line, U-turn from multi-day-old resistance underpin bearish bias.
  • Looming bear cross on MACD adds strength to the downside hopes.
  • Swiss Franc bears need acceptance beyond 0.9130 to keep the reins.

USD/CHF aptly portrays the pre-Fed anxiety as it makes rounds to 0.9050 heading into Wednesday’s European session. In doing so, the Swiss Franc (CHF) pair dribbles between the 50-DMA and the 100-DMA while paring the weekly gains of late.

It should be noted that the impending bear cross on the MACD signals and the market’s cautious mood seems to have recently prod the USD/CHF bulls. Also likely to challenge the upside momentum is a jungle of resistances below 0.9130.

That said, the 0.9100 round figure guards the immediate upside of the USD/CHF pair ahead of convergence of the support-turned-resistance line stretched from May 04 and the 100-DMA, around 0.9115.

Following that, an 11-week-old falling resistance line and 50% Fibonacci retracement level of the pair’s March-May downside, close to the 0.9130 level, appears a tough nut to crack for the USD/CHF bulls.

It’s worth mentioning that the 0.9200 round figure, 61.8% Fibonacci retracement near 0.9205 and the late March swing high of 0.9225 act as additional upside filters for the bulls to cross for conviction.

Meanwhile, the 0.9000 psychological magnet puts a floor under the USD/CHF price. However, a daily closing below the 50-DMA support of around 0.8985 seems a more important level to confirm the pair’s further downside.

In a case where the quote remains bearish past 0.8985, the odds of witnessing a slump towards the yearly low marked in May around 0.8835 can’t be ruled out.

USD/CHF: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 0.9055
Today Daily Change 0.0003
Today Daily Change % 0.03
Today daily open 0.9052
 
Trends
Daily SMA20 0.9047
Daily SMA50 0.8989
Daily SMA100 0.9117
Daily SMA200 0.935
 
Levels
Previous Daily High 0.909
Previous Daily Low 0.9032
Previous Weekly High 0.912
Previous Weekly Low 0.8984
Previous Monthly High 0.9148
Previous Monthly Low 0.882
Daily Fibonacci 38.2% 0.9054
Daily Fibonacci 61.8% 0.9068
Daily Pivot Point S1 0.9026
Daily Pivot Point S2 0.9
Daily Pivot Point S3 0.8968
Daily Pivot Point R1 0.9084
Daily Pivot Point R2 0.9116
Daily Pivot Point R3 0.9143

 

 

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