Home USD/CHF Price Analysis: 0.9145 probes pullback from two-week-old resistance line
FXStreet News

USD/CHF Price Analysis: 0.9145 probes pullback from two-week-old resistance line

  • USD/CHF consolidates the biggest intraday gains in three weeks, flashed on Tuesday.
  • Bullish MACD sustained trading beyond the confluence of 200-bar SMA, 61.8% Fibonacci retracement favor the bulls.
  • Multiple supports can probe the bears during the fresh downside.

USD/CHF retraces the previous day’s heavy gains while easing to 0.9147, down 0.03% intraday, during early Wednesday. In doing so, the quote takes a U-turn from a falling trend line from September 28.

However, a joint of 200-bar SMA and 61.8% Fibonacci retracement of the pair’s September month’s upside, near 0.9145, questions the immediate downside amid bullish MACD.

Considering the successful trading beyond above the key support confluence, coupled with an upbeat MACD histogram, the buyers are likely to cross 0.9155 immediate resistance line, which in turn will propel the quote towards 0.9185 and the October 08 peak near 0.9200.

On the downside, 0.9145 isn’t the only challenge to the USD/CHF sellers as the previous Tuesday’s low near 0.9130 and the 0.9100 threshold can also stop the pair’s intraday declines.

Also in the line of the supports is the monthly bottom surrounding 0.9085 and the previous month’s low near 0.9050, not to forget about the 0.9000 psychological magnet.

USD/CHF four-hour chart

Trend: Pullback expected

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.