USD/CHF Price Analysis: Pulls back from 0.9640 resistance confluence

• USD/CHF marks another failure to cross 10-DMA, 50% Fibonacci retracement level.
• Pullback moves appear limited unless breaking 0.9520 support.
• Steady RSI, bearish MACD signals favor sellers inside a 120-pip trading range.

USD/CHF takes offers to refresh intraday low around 0.9620 during Monday’s Asian session. In doing so, the Swiss currency (CHF) pair justifies the strength of the 0.9640 hurdle comprising the 10-DMA and 50% Fibonacci retracement level of late March to the mid-May upside.

Also keeping the USD/CHF bears hopeful are the downbeat MACD signals and mostly steady RSI (14) line.

Even so, the major currency pair is likely to remain sidelined unless closing below the 61.8% Fibonacci retracement level of 0.9520.

Following that, a south-run targeting a late March swing high near 0.9380 will be in focus. It’s worth noting that the 0.9400 threshold may act as a buffer during the fall.

Alternatively, a daily closing beyond 0.9640 could quickly propel USD/CHF prices towards the 0.9700 round figure.

However, the pair buyers are likely to remain confused until the quote stays below the 23.6% Fibonacci retracement level of 0.9860.

USD/CHF: Daily chart

Trend: Further weakness expected