USD/CHF Price Analysis: Weekly resistance tests recovery hopes below 0.9200

USD/CHF keeps bounce off monthly low after positing bullish candlestick on 4H.
Fortnight-old descending trend line, 200-SMA act as additional resistances.
Weekly support line, bullish Doji challenge sellers amid mixed markets.

Anil Panchal FXStreet

USD/CHF picks up bids to 0.9175, extending the previous day’s bounce off monthly low during early Wednesday morning in Europe.

The Swiss currency (CHF) pair recently flashed bullish Doji candlestick on the four-hour chart, which joins upbeat MACD conditions to keep buyers hopeful.

However, a one-week-old downward sloping resistance line near 0.9185 challenges the corrective pullback.

Adding to the upside filters is a descending trend line from December 15, near 0.9215, as well as the 200-SMA level of 0.9240.

Meanwhile, pullback moves remain less important until staying beyond the intraday low of 0.9169, a break of which will direct the USD/CHF prices towards refreshing the monthly bottom.

In doing so, a one-week-old descending support line near 0.9154 should gain the pair seller’s attention.

USD/CHF: Four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.9175
Today Daily Change	0.0003
Today Daily Change %	0.03%
Today daily open	0.9172

Trends
Daily SMA20	0.9212
Daily SMA50	0.921
Daily SMA100	0.9214
Daily SMA200	0.9178

Levels
Previous Daily High	0.9191
Previous Daily Low	0.916
Previous Weekly High	0.9254
Previous Weekly Low	0.9169
Previous Monthly High	0.9374
Previous Monthly Low	0.9088
Daily Fibonacci 38.2%	0.9171
Daily Fibonacci 61.8%	0.9179
Daily Pivot Point S1	0.9157
Daily Pivot Point S2	0.9143
Daily Pivot Point S3	0.9126
Daily Pivot Point R1	0.9189
Daily Pivot Point R2	0.9205
Daily Pivot Point R3	0.922

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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