USD/CHF Price Analysis: Further downside hinges on 0.9930 break

• USD/CHF pulls back from the highest levels in two years, snap four-day uptrend.
• Rising wedge, bearish MACD signals keep sellers hopeful.
• Bulls may aim for the late 2019 peak during further upside.

USD/CHF takes offers to refresh intraday low around 0.9940, down 0.21% on a day, as the Swiss currency (CHF) pair takes a U-turn from the highest levels since November 2019 during early Wednesday.

The pair’s latest pullback takes clues from the MACD signals. However, the USD/CHF prices remain inside a short-term rising wedge bearish chart pattern and hence a confirmation becomes necessary for the further downside bias.

As a result, the 0.9930 level appears crucial for the pair sellers to watch. Also acting as a downside filter is the 100-HMA level of 0.9891.

In a case where USD/CHF remains pressured below 0.9891, the theoretical target of around 0.9780 will gain the market’s attention.

Meanwhile, recovery remains elusive until the quote stays below the 0.9985 level comprising the aforementioned wedge’s resistance line.

Should the USD/CHF bulls manage to cross the 0.9985 hurdle, the odds of the pair’s rally towards the 1.0000 psychological magnet and November 2019 peak of 1.0023 can’t be ruled out.

USD/CHF: Hourly chart

Trend: Pullback expected