USD/CHF Price Analysis: Drops back below 0.9615-20 resistance confluence

• USD/CHF takes offers to refresh intraday low, reverses late Friday’s bounce off three-week bottom.
• Failures to cross 200-SMA, 50% Fibonacci retracement join bearish MACD signals to favor sellers.
• 61.8% golden ratio could test bears amid oversold RSI.

USD/CHF prints a four-day downtrend as it reverses the previous day’s corrective pullback from a three-week low during Monday’s Asian session. In doing so, the Swiss currency (CHF) pair portrays the inability to cross the 200-SMA and 50% Fibonacci retracement of its August-September upside.

As the bearish MACD signals back the quote’s recent weakness, USD/CHF sellers could aim for the 61.8% Fibonacci retracement (Fibo.) level surrounding 0.9560. However, oversold RSI conditions seem to challenge the pair’s further downside.

In a case where the pair remains weak past 0.9560, the 0.9500 threshold and the 78.6% Fibo. around 0.9475 could offer intermediate halts during the south run targeting the previous monthly low of 0.9370.

On the contrary, recovery remains elusive until the quote rises past the aforementioned confluence including the 200-SMA and 50% Fibonacci retracement level near 0.9615-20.

Following that, a three-week-old horizontal resistance area between 0.9690 and 0.9710 will be a crucial hurdle for the USD/CHF pair buyers to tackle to retake control.

Should the pair successfully crosses the 0.9710 hurdle, the 0.9800 round figure and the monthly peak surrounding 0.9870 will be in focus.

USD/CHF: Four-hour chart

Trend: Further weakness expected