- October 6, 2020
- Posted by: Analysis Team
- Category: Forex News
- USD/CHF stays heavy after taking a U-turn from 0.9163 the previous day.
- Bullish chart pattern keeps buyers hopeful unless breaking 0.9135.
- 100-HMA adds to the upside barriers, September 21 top becomes additional support.
USD/CHF remains pressured around 0.9150 during the pre-European session on Tuesday. In doing so, the pair seesaws near 61.8% Fibonacci retracement of late-September upside amid weak RSI conditions.
As a result, the quote indicates brighter chances of a pullback towards 0.9165 and the 50% Fibonacci retracement level near 0.9175.
Though, USD/CHF bulls will not be convinced unless the pair crosses the 0.9190 resistance confluence that includes 100-HMA and the upper line of a short-term bullish chart formation, namely falling wedge.
Meanwhile, the pair’s inability to bounce off 0.9144 adjacent support will have another chance as the September 17 high and lower line of the falling wedge, near 0.7140, becomes the tough nut to crack for sellers.
USD/CHF HOURLY CHART
Trend: Pullback expected