USD/CHF Price Analysis: Bears dominate below 0.9200 inside falling channel
- USD/CHF remains pressured near five-year low.
- Bullish MACD tames the sellers, 100-HMA adds to the upside barriers.
- A sustained fall since early-June to multi-year bottom seeks pullback ahead of the Fed.
USD/CHF recedes to 0.9171 during the pre-European session on Wednesday. The pair dropped to the lowest since June 2015 on Tuesday, which in turn portrayed a descending trend channel on the hourly chart. Though, bullish MACD and multiple days of downside offer breathing space to the bears ahead of the key Fed meeting.
The same highlights the importance of 0.9215/20 area comprising the said channel’s resistance line and 100-HMA.
Should the Fed surprises markets with the neutral or upbeat economic outlook, versus widely anticipated bearish statements, the quote can aim for July 22 low near 0.9280 ahead of aiming for June month’s low near 0.9375/80.
During the pair’s further weakness, the channel’s support near 0.9150 can challenge the sellers before diverting them to May 2015 bottom surrounding 0.9080 and 0.9000 psychological magnet.
USD/CHF hourly chart
Trend: Bearish
Recent Articles
NZD/USD Pulls Back from 2020 High as RBNZ Outlines Future Policy Tools
Sep 04, 2020
NZD/USD initiates a series of lower highs and lows after taking out the January high (0.6733) as RBNZ Governor Adrian Orr strikes a dovish outlook for...
Read More ⟶
S&P 500 Sinks, Biden Leads Trump, China Releases New Chip Sector Plans
Sep 04, 2020
Markets contending with novel geopolitical risk as China announces new chip policy...
Read More ⟶
US Dollar Ready for Reversal? USD/SGD, USD/PHP, USD/IDR, USD/MYR
Sep 04, 2020
The US Dollar has been rising versus the Singapore Dollar, with USD/SGD on the cusp of potentially breaking above key descending resistance from March...
Read More ⟶Tags
Sign up for email alerts
Stay current with our latest insights
© Copyright 2015-2020 FOWBusiness.com
