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USD / CHF Price Analysis: Bears Lose Momentum Around 0.9200
USD / CHF recovers from a one-month low but remains adverse for a fourth day in a row. The bears are faced with a five-week-old ascending support line and an oversold relative strength index. Bulls require confirmation from the 200-day moving average's (SMA) previous support line from early February.
As it pares intraday losses near 0.9200 during early Monday, USD / CHF bears struggle to maintain control near a one-month low. Despite this, the Swiss Franc (CHF) pair remains in the red for the fourth consecutive day, extending the decline from the previous week.
The most recent rebound could be attributed to the oversold conditions of the Relative Strength Index (RSI) line, which is located at 14, as well as the pair seller's inability to breach the upwardly sloping support line from February 03, at or near 0.9165.
It should be noted, however, that the bearish MACD signals and the pair's sustained trading below the previous support line from February 01, close to 0.9315 at the time of publication.
In addition to the support-turned-resistance line, the 200-SMA also challenges the USD / CHF rebound, which is currently at 0.9275.
The likelihood of seeing a rally towards the double peaks from the previous week near 0.9440 increases if USD / CHF maintains its strength above 0.9275.
Alternatively, a breakdown of the five-week-long ascending support line near 0.9165 would not hesitate to challenge the swing low from early February near 0.9130 before emphasizing the previous monthly low of 0.9060 for the bears.
Should the USD/CHF sellers dominate past 0.9060, August 2021 low near 0.9020 and the 0.9000 psychological magnet will be in focus.
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