USD/CHF remains depressed around 0.9150 as it keeps the week-start fall amid Tuesday’s sluggish Asian session. In doing so, the Swiss Franc (CHF) pair justifies looming bear cross on the MACD indicator, as well as the downbeat RSI (14) line.
It’s worth noting that the failure to important Simple Moving Averages (SMAs) during the mid-month run-up adds strength to the bearish bias for the USD/CHF.
However, a fortnight-old ascending trend line, around 0.9135 at the latest, restricts immediate downside of the USD/CHF pair.
Following that, an upward-sloping support line from early February, close to 0.9110 by the press time, appears the key to watch for the bears as it holds the key to the quote’s further weakness towards challenging the yearly low marked in February around 0.9060.
Alternatively, a one-week-long faling trend line restricts immediate upside of the USD/CHF pair around 0.9185 ahead of highlighting the 61.8% Fibonacci retracement level of the pair’s February-March fall, near 0.9205.
Should the quote manage to cross the golden Fibonacci ratio, a convergence of the 50% Fibonacci retracement level, 100-SMA and a three-week-old bearish trend line together challenge the USD/CHF bulls near 0.9250.
Also acting as an upside filter is the 200-SMA hurdle surrounding 0.9280.
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