USD/CHF Price Analysis: Stays on the back foot around 0.9250, eyes further losses
01.02.2022, 05:23

USD/CHF Price Analysis: Stays on the back foot around 0.9250, eyes further losses

  • USD/CHF prints three-day downtrend, refreshes intraday low at the latest.
  • Clear downside break of weekly resistance, failures to bounce back beyond three-week-long horizontal resistance favor sellers.
  • 50-SMA, 50% Fibonacci retracement lures bears, bulls need to refresh monthly high to retake controls.

USD/CHF remains pressured around the daily low of 0.9252 during the three-day downtrend heading into Tuesday’s European session.

In doing so, the Swiss currency (CHF) pair justifies the previous day’s downside break of the one-week-old ascending trend line.

Also favoring the USD/CHF sellers is the pair’s inability to cross the horizontal area from January 10 during the recent corrective bounces, as well as the bearish MACD signals.

With this, the quote drops towards the convergence of the 50-SMA and 50% Fibonacci retracement (Fibo.) level of January 2022 upside, near 0.9220-15.

However, a confluence of the 61.8% Fibo. and 200-SMA near 0.9190 will challenge the USD/CHF bears afterward.

Meanwhile, the immediate horizontal hurdle and the support-turned-resistance line, respectively around 0.9275 and 0.9320, guard the quote’s short-term upside.

However, USD/CHF bulls remain unconvinced until the quoted stays below January’s low of 0.9343.

USD/CHF: Four-hour chart

Trend: Further weakness expected

 

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