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- USD/CHF fails to hold above the 200-day SMA and falls below 0.9000
USD/CHF fails to hold above the 200-day SMA and falls below 0.9000
- USD/CHF declined below 0.9000 after hitting a daily high of 0.9042.
- Indicators on the daily chart point towards a prevailing strength of the bears in the short term.
- The seller's next target stands at the 100-day SMA at 0.8905.
In Monday’s session, the USD/CHF traded with 0.30% losses and failed to consolidate above the 200-day Simple Moving Average (SMA) at 0.9018, declining to a low below the 0.9000 mark.
In line with that, the daily chart suggests that a neutral to bearish trend becomes evident for USD/CHF, with the bears gradually taking control. Exhibiting a downtrend below its midline, the Relative Strength Index (RSI) points towards a bearish sentiment, while the Moving Average Convergence (MACD) histogram presents increasing red bars. On the shorter timeframe, the four-hour chart, the RSI lies deep in negative territory at 35, near oversold territory, while the MACD histogram prints higher red bars.
Back to the daily chart, the pair is below the 20 and 200-day Simple Moving Averages (SMAs), but above the 100-day SMA, indicating that the long-term outlook is starting to tilt in favour of the bears.
Support levels: 0.8980, 0.8950, 0.8905 (100-day SMA.
Resistance levels: 0.9018 (200-day SMA), 0.9040, 0.9070.
USD/CHF Daily Chart
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