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- USD/CHF Price Analysis: Break of weekly support signals further downside below 0.9300
USD/CHF Price Analysis: Break of weekly support signals further downside below 0.9300
- USD/CHF takes a U-turn from five-week high to snap two-day winning streak, near intraday low of late.
- Clear break of short-term support line, bearish MACD signals direct traders towards key HMAs.
- The 0.9300 threshold, January’s peak add to the upside filters.
USD/CHF extends pullback from late January highs, down 0.08% intraday near 0.9280 heading into Wednesday’s European session.
The Swiss currency (CHF) pair’s latest losses could be linked to the downside break of a one-week-old rising trend line, as well as bearish MACD signals.
That said, the USD/CHF bears keep their eyes on the 100-HMA, around 0.9230, as nearby support.
However, the 200-HMA and 61.8% Fibonacci retracement of the pair’s one-week advances, close to 0.9220, appear a tough nut to crack for the pair bears.
On the contrary, a downward sloping trend line from late Tuesday, near the 0.9300 round figure, precedes the latest top surrounding 0.9305 to test the USD/CHF bulls.
Following that, highs marked during January 2022 and November 2021, around 0.9345 and 0.9375 in that order, will challenge the pair’s further upside.
Overall, USD/CHF is likely to witness further downside further bulls aren’t out of the woods.
USD/CHF: Hourly chart
Trend: Further weakness expected
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