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- USD/CHF Price Analysis: Snaps two-day rebound from 200-DMA
USD/CHF Price Analysis: Snaps two-day rebound from 200-DMA
- USD/CHF consolidates intraday losses but stays mildly offered below 50-DMA.
- Bearish MACD, failures to cross the immediate moving average keep sellers hopeful.
USD/CHF recovers from intraday low towards the 0.9200 as European traders brush their screens for a long Wednesday. Even so, the Swiss currency (CHF) pair prints 0.12% daily losses, the first in a week, by the press time.
In doing so, the quote fades the early week bounce off 200-DMA while easing from 50-DMA. Also favoring the sellers are the bearish MACD signals and the pair’s sustained trading below the previous support line from early August.
That said. the 200-DMA level of 0.9146 gains immediate attention of the sellers ahead of the mid-August lows near 0.9100. However, any further weakness will be probed by 0.9020.
Meanwhile, corrective pullback remains less important until crossing the 50-DMA level of 0.9220.
Even if the quote rises past 0.9220, the support-turned-resistance line will challenge the USD/CHF bulls around 0.9285.
In a case where the quote remains firmer past 0.9285, September’s peak of 0.9332 may offer an intermediate halt during the quote’s rally targeting the yearly top surrounding 0.9370.
USD/CHF: Daily chart
Trend: Pullback expected
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