USD/CHF Price Analysis: Snaps two-day winning streak, pullback from 0.9000 appears elusive

USD/CHF pares weekly gains amid pre-data anxiety, stays above the key support lines.
200-SMA, monthly resistance line challenge buyers even as MACD prints bullish signals.
Sellers need validation from 0.8900 to retake control.
Swiss Real Retail Sales, US Core PCE Price Index eyed for clear directions.

Anil Panchal FXStreet

USD/CHF takes offers to refresh intraday low near 0.8980 as it consolidates the weekly gains, the second one in a row, heading into Friday’s European session. In doing so, the Swiss Franc (CHF) pair portrays the market’s positioning for the Swiss Real Retail Sales for May and US Core Personal Consumption Expenditure (PCE) Price Index for May, also known as the Federal Reserve’s (Fed) favorite inflation gauge.

Also read: USD/CHF seesaws near 0.9000 ahead of Swiss Retail Sales, Fed’s favorite inflation clues

It’s worth noting, however, that the USD/CHF pair’s latest retreat appears elusive as the MACD flashes the bullish signals and the price is well above the key support lines.

Hence, the bears remain cautious unless witnessing a clear downside break of the eight-week-old rising support line, close to 0.8925.

Ahead of that, the weekly support line and the 61.8% Fibonacci retracement of its May-June upside, respectively near 0.8950 and 0.8945, can test the USD/CHF bears.

In a case where the pair remains bearish past 0.8925, the odds witnessing a quick slump to the monthly low surrounding the 0.8900 round figure and then to the yearly low marked in May around 0.8820 can’t be ruled out.

Alternatively, the 200-SMA level of around 0.9015 precedes a downward-sloping trend line from May 31, close to 0.9020 at the latest, to restrict short-term upside of the USD/CHF pair.

USD/CHF: Four-hour chart

Trend: limited downside expected

Additional important levels

Overview
Today last price	0.8983
Today Daily Change	-0.0011
Today Daily Change %	-0.12%
Today daily open	0.8994

Trends
Daily SMA20	0.9001
Daily SMA50	0.898
Daily SMA100	0.9088
Daily SMA200	0.9309

Levels
Previous Daily High	0.9002
Previous Daily Low	0.8944
Previous Weekly High	0.9013
Previous Weekly Low	0.8907
Previous Monthly High	0.9148
Previous Monthly Low	0.882
Daily Fibonacci 38.2%	0.898
Daily Fibonacci 61.8%	0.8966
Daily Pivot Point S1	0.8957
Daily Pivot Point S2	0.8921
Daily Pivot Point S3	0.8899
Daily Pivot Point R1	0.9016
Daily Pivot Point R2	0.9038
Daily Pivot Point R3	0.9074

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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