USD/CHF Price Analysis: Slides below 200-HMA but 0.9045 appears a tough nut to crack for bears

USD/CHF takes offers to refresh intraday low, snaps two-day winning streak.
Bearish MACD signals, downside break of key moving average tease Swiss Franc pair bears.
Convergence of 50-HMA, immediate rising support line challenge sellers.

Anil Panchal FXStreet

USD/CHF stands on slippery grounds as it drops to 0.9060 heading into Tuesday’s European session. In doing so, the Swiss Franc (CHF) pair prints the first daily loss in three while breaking the 200-Hour Moving Average (HMA) support.

Adding strength to the downside bias are the bearish MACD signals, as well as the RSI (14) reversal from the overbought territory. However, the RSI line’s current place is below the 50.0 level and suggests limited downside room for the USD/CHF pair.

With this, a convergence of the 50-HMA and an ascending trend line from the last Friday, around 0.9045 at the latest, gains the market’s attention as the key downside support.

Should the bears manage to break the stated strong support, a quick slump to the 0.9000 psychological magnet can’t be ruled out. However, the monthly low of 0.8985 and the previous monthly low of 0.8820 can challenge the USD/CHF pair sellers afterward.

Meanwhile, USD/CHF recovery needs to portray a successful trading beyond the 200-HMA level of 0.9065 at the latest.

Also acting as the short-term upside hurdle is the 61.8% Fibonacci retracement of the pair’s downturn from May 31 to June 09, near 0.9085.

Above all, the double top formation around 0.9110 appears crucial resistance for the USD/CHF bulls to cross to retake control.

USD/CHF: Hourly chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	0.9061
Today Daily Change	-0.0029
Today Daily Change %	-0.32%
Today daily open	0.909

Trends
Daily SMA20	0.9043
Daily SMA50	0.8989
Daily SMA100	0.9118
Daily SMA200	0.9354

Levels
Previous Daily High	0.9109
Previous Daily Low	0.9016
Previous Weekly High	0.912
Previous Weekly Low	0.8984
Previous Monthly High	0.9148
Previous Monthly Low	0.882
Daily Fibonacci 38.2%	0.9074
Daily Fibonacci 61.8%	0.9051
Daily Pivot Point S1	0.9034
Daily Pivot Point S2	0.8978
Daily Pivot Point S3	0.8941
Daily Pivot Point R1	0.9128
Daily Pivot Point R2	0.9165
Daily Pivot Point R3	0.9221

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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