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- USD/CHF Price Analysis: Bears seek to confirm “double top” formation, 0.9285 is the key
USD/CHF Price Analysis: Bears seek to confirm “double top” formation, 0.9285 is the key
- USD/CHF takes offers to refresh intraday low, drops for the third consecutive day.
- Bearish chart formation, downbeat MACD conditions keep sellers hopeful.
- Five-week-old ascending support line, 200-SMA act as additional downside filters.
USD/CHF holds onto the mid-week bearish bias as it drops to 0.9320 during early Friday. That said, the Swiss currency (CHF) pair portrays a bearish chart formation called “double tops” by marking failures to cross the 0.9440 hurdle. The same join the bearish MACD signals to keep the pair sellers hopeful.
However, an upward-sloping support line from early February, around the 0.9300 threshold at the latest, restricts the immediate downside of the pair ahead of the validation point of the bearish chart pattern, namely the early week’s low near 0.9285.
It’s worth noting that the 200-SMA can act as an extra check for the USD/CHF bears before directing them toward the theoretical target of 0.9130, provided the quote remains weak past 0.9285.
Meanwhile, the 0.9400 round figure may act as an immediate upside hurdle for the USD/CHF pair during the pair’s fresh advances.
Even so, the pair sellers can keep the reins unless the quote remains below the double tops marked surrounding 0.9440.
In a case where the USD/CHF price remains firmer past 0.9440, tops marked during late November 2022, around 0.9550 and the 0.9600 round figure, could challenge the pair buyers.
Overall, USD/CHF remains on the bear’s radar but a clear break of 0.9285 becomes necessary to witness further downside of the pair.
USD/CHF: Four-hour chart
Trend: Further downside expected
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