USD/CHF Price Analysis: Weekly support line probes bears around 0.9200
09.02.2023, 02:25

USD/CHF Price Analysis: Weekly support line probes bears around 0.9200

  • USD/CHF prints three-day downtrend to approach short-term key support line.
  • Impending bear cross between 50-HMA and 100-HMA keep sellers hopeful amid mostly steady RSI.
  • Bullish MACD signals, one-week-old ascending trend line hold the gate for bear’s entry.

USD/CHF sellers attack the 0.9200 threshold to refresh the intraday low early Thursday. In doing so, the Swiss Franc pair prints a three-day losing streak while justifying the trend-supportive RSI (14), as well as ignoring bullish MACD signals.

Other than the RSI (14) conditions, the 50-Hour Moving Average’s (HMA) piercing of the 100-HMA from above portrays the bear cross and also favors the USD/CHF bears.

However, a one-week-old ascending trend line challenges the USD/CHF sellers around 0.9195, a break of which could give them control.

Following that, a downward trajectory toward the monthly low of 0.9060 can’t be ruled out. During the fall, 0.9125 and 0.9100 levels may act as intermediate halts.

In a case where USD/CHF remains bearish past 0.9060, the August 2022 low near 0.9020 and the 0.9000 psychological magnet may lure the pair sellers.

On the flip side, recovery moves remain elusive unless staying below the convergence of the 50-HMA and the 100-HMA, around .9225.

Even so, an upward-sloping resistance line from January 24, close to 0.9295, will precede the 0.9300 threshold to challenge the USD/CHF bulls.

Overall, USD/CHF is likely to decline further but the sellers await the 0.9195 breakdown.

USD/CHF: Hourly chart

Trend: Further downside expected

 

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