- USD/CHF retraces pullback from 200-bar SMA while easing from intraday high of 0.9184.
- Falling trend line from September 28 offers immediate support.
- Bulls can aim for monthly top on breaking the trend line resistance.
USD/CHF fades upside momentum while taking rounds to 0.9180 during the early Wednesday. The pair earlier probed a one-week-old falling trend line after bouncing off 200-bar SMA. However, the failure to cross the immediate upside hurdle seems to drag the quote downwards to the nearby support line.
Should the USD/CHF price remain weak below a seven-day-long descending trend line support, at 0.9166 now, the 61.8% Fibonacci retracement level of the pair’s September month upside, at 0.9143, will be on the sellers’ radar.
Though, any further weakness past-0.9140 round-figure will find it difficult to last as a 200-bar SMA level of 0.9138 will challenge bears afterward.
On the contrary, a sustained run-up beyond 0.9185 nearby resistance line will escalate the recovery moves toward the monthly top close to 0.9220 whereas USD/CHF buyers can aim for 0.9250 then afterward.
In a case where the quote remains positive beyond 0.9220, the last month’s high surrounding 0.9300 will be in the focus.
USD/CHF four-hour chart
Trend: Pullback expected
