USD/CHF Price Analysis: Struggles around 200-DMA, six-week-old support amid Russia-led risk-aversion

USD/CHF remains pressured around key support line, down for the second consecutive day.
Bearish MACD signal, descending RSI line favor sellers.
61.8% Fibonacci retracement guards immediate upside, monthly resistance line is the key.
Safe-haven appeals of USD and CHF both trouble pair traders amid geopolitical fears emanating from Russia, Ukraine.

Anil Panchal FXStreet

USD/CHF stays on the back foot around 0.9180 while printing the least daily moves among the Group of 10 (G10) currency pairs during early Thursday morning in Europe.

The reason could be linked to the traders’ indecision due to the risk-safe status of the US dollar and Swiss Franc (CHF) both. That said, Russia’s invasion of Ukraine recently bolstered the market’s risk-off mood.

Read: Forex Today: Flight to safety intensifies as Russia unleashes attack on Ukraine

Technically, the USD/CHF pair’s sustained trading below the 61.8% Fibonacci retracement (Fibo.) November 2021 upside joins the bearish MACD signals and downbeat RSI, not oversold, to keep sellers hopeful.

However, an upward sloping trend line from January 13, around 0.9168 at the latest, restricts the quote’s immediate declines.

Following that, 0.9140 and the 0.9100 threshold may test the pair bears before directing them to the late 2021 low near 0.9088.

Alternatively, an upside clearance of the 61.8% Fibo. level of 0.9196 will need validation from the 0.9200 round figure to direct USD/CHF buyers towards the weekly top near 0.9230.

Though, a descending resistance line from January 31 will challenge the pair bulls afterward, around 0.9240 at the latest.

USD/CHF: Daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.9178
Today Daily Change	-0.0004
Today Daily Change %	-0.04%
Today daily open	0.9182

Trends
Daily SMA20	0.9235
Daily SMA50	0.9202
Daily SMA100	0.9211
Daily SMA200	0.918

Levels
Previous Daily High	0.9219
Previous Daily Low	0.9168
Previous Weekly High	0.9274
Previous Weekly Low	0.9188
Previous Monthly High	0.9343
Previous Monthly Low	0.9092
Daily Fibonacci 38.2%	0.9188
Daily Fibonacci 61.8%	0.9199
Daily Pivot Point S1	0.916
Daily Pivot Point S2	0.9139
Daily Pivot Point S3	0.9109
Daily Pivot Point R1	0.9211
Daily Pivot Point R2	0.924
Daily Pivot Point R3	0.9262

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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