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  • USD/CHF trims intraday losses while extending corrective bounce off 0.9138.
  • 61.8% of Fibonacci retracement adds to the upside barriers.
  • Multiple support lines will question the bears below 50% Fibonacci retracement.

USD/CHF extends pullback from intraday low while rising to 0.9150 ahead of Wednesday’s European session. In doing so, the pair trims the early-Asian losses while bouncing off the short-term support line, currently around 0.9130.

With the strong RSI conditions, not overbought, suggesting the pair’s further upside, 61.8% Fibonacci retracement of September 25 to November 06 downside, near 0.9175, can’t be ruled out.

However, bulls are less likely to be convinced until witnessing a clear break of the short-term resistance line, at 0.9185 now.

Meanwhile, a downside break of 0.9130 will eye the horizontal area close to 0.9090 before eyeing the double bottom formed near 0.9030 during the late-October.

If at all the USD/CHF bears refrain from respecting the stated supports, the 0.9000 thresholds offer the last hopes of countertrend traders ahead of targeting a move below the monthly bottom of 0.8982.

USD/CHF four-hour chart

Trend: Further recovery expected