USD/CHF Price Analysis: Bears hold the baton despite recent recovery
- USD/CHF stays beyond 23.6% Fibonacci retracement but fails to clear a fortnight-long falling trend line.
- 200-bar SMA, 61.8% Fibonacci retracement add to resistance.
USD/CHF pierces 0.9700 by the press time of early Tuesday. The pair have recently been recovering but a downward sloping trend line since January 16 caps immediate upside.
Even if the buyers cross 0.9715 resistance line, 200-bar SMA and 61.8% Fibonacci retracement of its December 24, 20119 to January 16, 2020 fall, near 0.9735 and 0.9750 respectively, could challenge the bulls.
In a case where the USD/CHF prices rally beyond 0.9750, January 10 top surrounding 0.9765 could challenge further upside.
Meanwhile, 23.6% Fibonacci retracement, at 0.9665, holds the key to pair’s declines towards the monthly bottom of 0.9613 and then to 0.9600 round-figure.
USD/CHF four-hour chart