- August 28, 2020
- Posted by: Analysis Team
- Category: Forex News
- USD/CHF attempts recovery from intraday low of 0.9064.
- Pair’s sustained trading below 200-hour EMA, amid bearish MACD, favor the sellers.
- Bulls need fresh monthly high, sellers may struggle below the 0.9000 threshold.
USD/CHF sellers catch a breather around 0.9070 during the pre-European session on Friday. The quote slumped to the intraday low before a few minutes amid bearish MACD conditions. Also suggesting the pair’s downside is repeated failure to cross 200-hour EMA.
As a result, the pair traders are again eyeing 0.9040/35 horizontal support comprising multiple levels since August 18. However, RSI conditions are likely to restrict the declines past-0.9035.
Should USD/CHF prices remain weak below 0.9035, 0.9010 and the 0.9000 round-figures will be the key to watch.
Alternatively, a clear break of a 200-hour EMA level of 0.9095 and 0.9100 can restrict the pair’s immediate upside.
While the bulls are less likely to get acceptance beyond 0.9100, a sustained run-up beyond the same can cheer meeting August 20 high around 0.9160 but the further upside could be capped by the monthly top close to 0.9240.
USD/CHF HOURLY CHART