USD/CHF Price Analysis: Snaps two-day rebound from 200-DMA

• USD/CHF consolidates intraday losses but stays mildly offered below 50-DMA.
• Bearish MACD, failures to cross the immediate moving average keep sellers hopeful.

USD/CHF recovers from intraday low towards the 0.9200 as European traders brush their screens for a long Wednesday. Even so, the Swiss currency (CHF) pair prints 0.12% daily losses, the first in a week, by the press time.

In doing so, the quote fades the early week bounce off 200-DMA while easing from 50-DMA. Also favoring the sellers are the bearish MACD signals and the pair’s sustained trading below the previous support line from early August.

That said. the 200-DMA level of 0.9146 gains immediate attention of the sellers ahead of the mid-August lows near 0.9100. However, any further weakness will be probed by 0.9020.

Meanwhile, corrective pullback remains less important until crossing the 50-DMA level of 0.9220.

Even if the quote rises past 0.9220, the support-turned-resistance line will challenge the USD/CHF bulls around 0.9285.

In a case where the quote remains firmer past 0.9285, September’s peak of 0.9332 may offer an intermediate halt during the quote’s rally targeting the yearly top surrounding 0.9370.

USD/CHF: Daily chart

Trend: Pullback expected