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USD/CHF Price Analysis: Bears dominate below 0.9200 inside falling channel

USD/CHF Price Analysis: Bears dominate below 0.9200 inside falling channel

  • USD/CHF remains pressured near five-year low.
  • Bullish MACD tames the sellers, 100-HMA adds to the upside barriers.
  • A sustained fall since early-June to multi-year bottom seeks pullback ahead of the Fed.

USD/CHF recedes to 0.9171 during the pre-European session on Wednesday. The pair dropped to the lowest since June 2015 on Tuesday, which in turn portrayed a descending trend channel on the hourly chart. Though, bullish MACD and multiple days of downside offer breathing space to the bears ahead of the key Fed meeting.

The same highlights the importance of 0.9215/20 area comprising the said channel’s resistance line and 100-HMA.

Should the Fed surprises markets with the neutral or upbeat economic outlook, versus widely anticipated bearish statements, the quote can aim for July 22 low near 0.9280 ahead of aiming for June month’s low near 0.9375/80.
 

During the pair’s further weakness, the channel’s support near 0.9150 can challenge the sellers before diverting them to May 2015 bottom surrounding 0.9080 and 0.9000 psychological magnet.

USD/CHF hourly chart

Trend: Bearish

ADDITIONAL IMPORTANT LEVELS

OVERVIEW
Today last price 0.9171
Today Daily Change -8 pips
Today Daily Change % -0.09%
Today daily open 0.9179
 
TRENDS
Daily SMA20 0.9368
Daily SMA50 0.9483
Daily SMA100 0.9584
Daily SMA200 0.9685
 
LEVELS
Previous Daily High 0.9228
Previous Daily Low 0.9155
Previous Weekly High 0.941
Previous Weekly Low 0.9204
Previous Monthly High 0.9651
Previous Monthly Low 0.9376
Daily Fibonacci 38.2% 0.9183
Daily Fibonacci 61.8% 0.92
Daily Pivot Point S1 0.9147
Daily Pivot Point S2 0.9115
Daily Pivot Point S3 0.9075
Daily Pivot Point R1 0.922
Daily Pivot Point R2 0.926
Daily Pivot Point R3 0.9292

 

 

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