USD/CHF Price Analysis: Struggles to regain 0.9300 inside short-term rising wedge

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.

Anil Panchal FXStreet

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

additional important levels

Overview
Today last price	0.9294
Today Daily Change	0.0003
Today Daily Change %	0.03%
Today daily open	0.9291

Trends
Daily SMA20	0.9206
Daily SMA50	0.9034
Daily SMA100	0.9003
Daily SMA200	0.9111

Levels
Previous Daily High	0.932
Previous Daily Low	0.9252
Previous Weekly High	0.932
Previous Weekly Low	0.9214
Previous Monthly High	0.9102
Previous Monthly Low	0.8871
Daily Fibonacci 38.2%	0.9294
Daily Fibonacci 61.8%	0.9278
Daily Pivot Point S1	0.9255
Daily Pivot Point S2	0.9219
Daily Pivot Point S3	0.9186
Daily Pivot Point R1	0.9324
Daily Pivot Point R2	0.9356
Daily Pivot Point R3	0.9392

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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