USD/CHF Price Analysis: Mildly bid towards 0.9300 inside weekly falling channel

USD/CHF keeps bounce off intraday low inside a bearish chart pattern.
Bullish MACD, sustained recovery from 100-SMA favor buyers.
Sellers can eye 200-SMA on the downside break of the stated channel.

Anil Panchal FXStreet

USD/CHF stays firm around 0.9275, up 0.18% intraday, while heading into Friday’s European session. In doing so, the quote justifies Wednesday’s recovery moves from 100-SMA while staying inside a short-term descending channel, a bearish chart pattern.

However, bullish MACD and the pair’s ability to stay above the key SMAs favor buyers targeting the stated channel’s resistance line, at 0.9300 now.

Should USD/CHF bulls manage to defy the bearish formation, the monthly high of 0.9375 and the mid-July 2020 top surrounding 0.9470 should return to the chart.

Meanwhile, 100-SMA and the channel support, respectively around 0.9235 and 0.9205, will precede the 0.9200 threshold during the quote’s fresh downside.

In the case where USD/CHF sellers refrain from respecting the 0.9200 round-figure, the 200-SMA level of 0.9100 will be in focus.

USD/CHF four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	0.9275
Today Daily Change	17 pips
Today Daily Change %	0.18%
Today daily open	0.9258

Trends
Daily SMA20	0.919
Daily SMA50	0.9025
Daily SMA100	0.9002
Daily SMA200	0.9112

Levels
Previous Daily High	0.9306
Previous Daily Low	0.9219
Previous Weekly High	0.9376
Previous Weekly Low	0.9234
Previous Monthly High	0.9102
Previous Monthly Low	0.8871
Daily Fibonacci 38.2%	0.9272
Daily Fibonacci 61.8%	0.9252
Daily Pivot Point S1	0.9217
Daily Pivot Point S2	0.9175
Daily Pivot Point S3	0.913
Daily Pivot Point R1	0.9303
Daily Pivot Point R2	0.9347
Daily Pivot Point R3	0.9389

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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