USD/CHF retreats from intraday high to 0.9225 amid the initial hour of Wednesday’s European session as bulls take a breather ahead of the key US data. Even so, the quote braces for the biggest daily gains in a week.
In doing so, the Swiss currency (CHF) pair takes a U-turn from the 50-HMA, as well as a downward-sloping resistance line from the last Thursday, close to 0.9245 by the press time.
It’s worth noting that the receding bullish bias of the MACD signals and the downward-sloping RSI (14) line also raises doubts about the USD/CHF pair’s latest recovery.
That said, the 0.9200 threshold and the recent low surrounding 0.9185 could lure intraday sellers of the USD/CHF pair ahead of directing them to the monthly bottom of 0.9167.
In a case where the quote remains bearish past 0.9167, the odds of witnessing a slump toward the March 2022 low of 0.9150 and then to the 0.9100 round figure can’t be ruled out.
On the flip side, recovery moves must remain successfully beyond the 0.9245 resistance confluence to convince USD/CHF buyers.
Following that, the previous weekly high of 0.9362 and the monthly peak close to 0.9410 could lure the bulls.
It should be observed, however, that the upside momentum remains elusive unless the pair trades below the August 2022 bottom near 0.9370.

Trend: Further downside expected
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