- 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
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