- USD/CHF fades recovery from intraday low, stays inside bearish chart pattern.
- Two-week-old horizontal area adds to the upside filters, 50-HMA strengthens wedge’s support.
USD/CHF eases to 0.9293 as it fizzles the drive to trim early Asian losses ahead of the European session on Monday.
Not only the pair’s failures to keep recovery moves, a three-day-old rising wedge formation and bearish MACD also favor the sellers. Also on the negative side could be the quote’s multiple pullbacks from 0.9320-30 area that has been restricting the upside since March 08.
However, a downside break of the 0.9280 support confluence, comprising 50-HMA and support line of the stated rising wedge, becomes necessary for the USD/CHF sellers to take entries.
On the upside, corrective pullback beyond the 0.9300 immediate hurdle will attack the stated wedge’s resistance line, 0.9318 now, before attacking the key resistance area.
Should the USD/CHF bulls manage to cross 0.9330 resistance, the monthly high near 0.9375 can return to the chart.
USD/CHF hourly chart
Trend: Further weakness expected
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