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USD/CHF Price Analysis: Retreats from key SMAs towards 0.9600

  • USD/CHF takes offers to refresh intraday low, extends pullback from 100-SMA, 200-SMA.
  • RSI retreat, sluggish MACD signals also keep sellers hopeful.
  • One-week-old ascending trend line challenges bears, short-term bullish channel keeps buyers hopeful.

USD/CHF renews intraday low around 0.9610, keeping the prior days pullback from the main element SMAs during early Monday morning in Europe.

Given the RSI retreat and the MACD lines recent struggle, the USD/CHF prices will probably extend the most recent weakness towards the 0.9600 threshold.

However, a convergence of the one-week-old ascending trend channels support line and 23.6% Fibonacci retracement of the July 14 to August 02 downturn, near 0.9570, could challenge the pair bears afterward.

In an incident where USD/CHF sellers break the 0.9570 support, the chances of witnessing the new monthly low, currently around 0.9470 cant be eliminated.

Alternatively, the 100-SMA and the 200-SMA limit the short upside moves of the pair respectively around 0.9635 and 0.9650.

Through the quotes run-up beyond 0.9650, the 50% Fibonacci retracement level and top of the type of the stated channel, near 0.9680 and 0.9700 for the reason that order, will undoubtedly be important to watch out for the USD/CHF bulls.

Overall, USD/CHF will probably consolidate recent gains in the bullish chart pattern.

USD/CHF: Four-hour chart

Trend: Limited downside expected

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