USD/CHF Technical Analysis: Heavy inside monthly rising trend-channel, 0.9700 in focus
- USD/CHF stays below the five-week-old falling trend line, 23.6% Fibonacci retracement.
- Bearish MACD increases the odds of the pair’s declines.
- Channel’s resistance, 50% Fibonacci retracement will question buyers during the recovery.
USD/CHF registers modest changes while taking rounds to 0.9730 ahead of the European session on Monday. The pair recently reversed from a descending trend line since December 06 while also slipping beneath 23.6% Fibonacci retracement of the declines from November 29 to December 31.
Even so, sellers are afraid of entry unless USD/CHF prices dip below the support line of the two-week-old rising trend channel, at 0.9705 now.
In doing so, 0.9660 and the year 2019 low near 0.9646 will be on the Bear’s radar.
If at all traders ignore bearish MACD, the broad resistance line, at 0.9750, will be the first one to challenge the buyers.
Following that, the channel’s resistance around 0.9780 and 50% Fibonacci retracement level close to 0.9835 could question the Bulls, failing to which will recall 0.9880 and 0.9900 to the charts.
USD/CHF four-hour chart