USD/CHF Price Analysis: Extends break of fortnight-old support towards 0.9160


  • USD/CHF takes offers to renew intraday low, stretching pullback from weekly top.
  • Clear downside break of short-term key trend line, SMA joins downbeat oscillators to favor bearish bias.
  • Recovery remains elusive unless crossing five-week-old resistance line.

USD/CHF prints mild losses around 0.9180 heading into Tuesday’s European session, stretching the previous day’s downside break of the key support ahead of the all-important US inflation data.

Not only the downside break of the 100-SMA and a two-week-old ascending trend line but bearish MACD signals and downbeat RSI (14), not oversold, also favor the USD/CHF bears.

That said, a horizontal area comprising multiple levels marked since January 09, close to 0.9165-60, appears imminent support for the Swiss currency pair to test.

Following that, the 0.9100 round figure and the previous monthly low near 0.9085 could act as intermediate halts before directing the USD/CHF bears toward the monthly bottom surrounding 0.9060.

Meanwhile, recovery moves appear elusive unless crossing the convergence of the 100-SMA and the aforementioned support line, close to 0.9210.

Even if the USD/CHF manages to stay firmer past 0.9210, a downward-sloping resistance line from January 06, near 0.9260, could act as the last defense of the pair bears.

Overall, USD/CHF remains bearish as traders brace for the key US inflation data. However, the downside room appears limited.

USD/CHF: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 0.9178
Today Daily Change -0.0016
Today Daily Change % -0.17%
Today daily open 0.9194
 
Trends
Daily SMA20 0.9203
Daily SMA50 0.9262
Daily SMA100 0.9517
Daily SMA200 0.9601
 
Levels
Previous Daily High 0.926
Previous Daily Low 0.9191
Previous Weekly High 0.9291
Previous Weekly Low 0.916
Previous Monthly High 0.941
Previous Monthly Low 0.9085
Daily Fibonacci 38.2% 0.9218
Daily Fibonacci 61.8% 0.9234
Daily Pivot Point S1 0.917
Daily Pivot Point S2 0.9146
Daily Pivot Point S3 0.9102
Daily Pivot Point R1 0.9239
Daily Pivot Point R2 0.9284
Daily Pivot Point R3 0.9307

 

 

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