Market news

17 December 2021

USD/CHF Price Analysis: Bears attack 200-DMA with eyes on 0.9157

  • USD/CHF remains on the back foot for the second consecutive day.
  • Break of six-week-old trend line joins bearish MACDI signal to favor bears.
  • November 30 lures short-term sellers, 23.6% Fibonacci retracement adds to upside filters.

USD/CHF stays offered around a fortnight low, down 0.09% intraday near 0.9181 heading into Friday’s European session.

In doing so, the Swiss currency (CHF) pair sellers battle with the 200-DMA level after breaking an ascending support line from November 02 the previous day. Adding strength to the bearish bias is the MACD conditions and multiple rejections from 23.6% Fibonacci retracement (Fibo.) of June-November upside.

That said, the USD/CHF sellers are on the way to the November 30 low of 0.9157 but need validation from the 200-DMA level of 0.9180.

Following that, the 50% Fibo. and an ascending support line from early August, respectively around 0.9150 and 0.9125, will be in focus.

On the contrary, the corrective pullback will challenge the support-turned-resistance line near 0.9200.

Even so, USD/CHF bulls remain cautious until rising back beyond the 23.6% Fibonacci retracement level of 0.9267, which in turn will direct the advances towards November’s peak near 0.9375.

USD/CHF: Daily chart

Trend: Further weakness expected

 

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