- USD/CHF stays on the back foot after breaking one-week-old support line.
- RSI conditions challenge further selling, bulls will refrain from entry unless breaking 200-HMA.
- Monthly low and 0.9000 psychological magnet add filter to the pair’s further downside.
USD/CHF struggles to keep the bounce off 0.9100 while taking rounds to 0.9110 during the pre-European session on Thursday. The pair slipped below an ascending trend line from August 06 but failed to provide a decisive break below 0.9100 amid nearly oversold RSI conditions.
As a result, the bears holding the reins but wait for a sustained break below 0.9100 before targeting the monthly low near 0.9050 and the 0.9000 threshold.
It should be noted that 0.9080, 0.9060 and 0.9030 are extra filters during the pair’s declines from 0.9100 to 0.9000.
On the upside, the support-turned-resistance line near 0.9125 and 200-HMA level of 0.9136 could restrict the pair’s short-term advances.
Additionally, 61.8% Fibonacci retracement of August 03-05 declines, near 0.9170, precedes the weekly top around 0.9200 to increase hardships for buyers.
USD/CHF hourly chart
Trend: Bearish
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