Slides below 200-HMA but 0.9045 appears a tough nut to crack for bears. – Crypto News – Crypto News
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On the front foot around 0.9950, stays inside weekly bullish channel On the front foot around 0.9950, stays inside weekly bullish channel

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Slides below 200-HMA but 0.9045 appears a tough nut to crack for bears. – Crypto News

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  • USD/CHF takes offers to refresh intraday low, snaps two-day winning streak.
  • Bearish MACD signals, downside break of key moving average tease Swiss Franc pair bears.
  • Convergence of 50-HMA, immediate rising support line challenges sellers.

USD/CHF stands on slippery grounds as it drops to 0.9060 heading into Tuesday’s European session. In doing so, the Swiss Franc (CHF) pair posted its first daily loss in three while breaking the 200-Hour Moving Average (HMA) support.

Adding strength to the downside bias are the bearish MACD signals, as well as the RSI (14) reversal from the overbought territory. However, the RSI line’s current place is below the 50.0 level and suggests limited downside room for the USD/CHF pair,

With this, a convergence of the 50-HMA and an ascending trend line from last Friday, around 0.9045 at the latest, gains the market’s attention as the key downside support.

Should the bears manage to break the stated strong support, a quick slump to the 0.9000 psychological magnet can’t be ruled out. However, the monthly low of 0.8985 and the previous monthly low of 0.8820 can challenge the USD/CHF pair sellers afterwards.

Meanwhile, USD/CHF recovery needs to portray a successful trading beyond the 200-HMA level of 0.9065 at the latest.

Also acting as the short-term upside hurdle is the 61.8% Fibonacci retracement of the pair’s downturn from May 31 to June 09, near 0.9085.

Above all, the double top formation around 0.9110 appears crucial resistance for the USD/CHF bulls to cross to retake control.

USD/CHF: Hourly chart

Trend: Limited downside expected

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