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2 Feb 2022

USD/CHF Price Analysis: Bears run out of steam above 0.9200

  • USD/CHF remains pressured around one-week low, struggles after three-day downtrend.
  • Downbeat RSI joins key SMA, Fibonacci retracement levels to test the bears.
  • Buyers need validation from three-week-old horizontal resistance to regain control.

USD/CHF remains pressured around 0.9210 during the four-day downtrend ahead of Wednesday’s European session.

In doing so, the Swiss currency (CHF) pair seesaws around 50% Fibonacci retracement (Fibo.) of January 13-31 upside amid bearish MACD signals.

Although a clear downside break of a short-term horizontal area comprising early January tops favor USD/CHF sellers, coupled with the downbeat MACD, weak RSI line hints at the receding power of bears.

Even if the quote declines further and breaks the 0.9200 immediate support, a convergence of the 200-SMA, 100-SMA and 61.8% Fibo. near 0.9190-85 will be a tough nut to crack for the bears.

Also acting as downside filters are the multiple tops marked during late January around 0.9180, as well as an upward sloping trend line from January 13, at 0.9128 by the press time.

Alternatively, recovery moves need to cross the support-turned-resistance zone surrounding 0.9280 to convince USD/CHF buyers.

Following that, an upward trajectory towards the highs marked in January 2022 and November 2021, respectively near 0.9345 and 0.9375, can’t be ruled out.

USD/CHF: Four-hour chart

Trend: Limited downside expected

 

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