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Market News USD/CHF Price Analysis: Pulls back from the confluence of resistance at 0.9640

USD/CHF Price Analysis: Pulls back from the confluence of resistance at 0.9640

USD/CHF fails again to pass the 10-DMA and the 50 percent Fibonacci retracement line. Pullback movements look restricted till 0.9520 resistance is broken. Stable RSI and negative MACD signals favor selling within a trading range of 120 pip.

Daniel Rogers
2022-06-06
552

During Monday's Asian session, USD/CHF accepts bids to retest the intraday low at 0.9620. In doing so, the Swiss franc (CHF) pair validates the strength of the 0.9640 barrier, which consists of the 10-day moving average and the 50 percent Fibonacci retracement level from late March to mid-May.

 

Adding to the USD/CHF bears' optimism are the bearish MACD indications and mostly stable RSI (14) line.

 

Even yet, the major currency pair is expected to stay inactive till it closes below the 61.8% Fibonacci retracement mark of 0.9522.

 

The focus will then shift to a south-run aiming a late-March swing high near 0.9380. Notably, the 0.9400 level may function as a buffer during the decline.

 

Alternativamente, a daily closing above 0.9640 might boost USD/CHF values fast to the 0.9700 round number.

 

However, purchasers of the pair are likely to remain perplexed as long as the price remains below the 23.6% Fibonacci retracement mark of 0.9860.

USD/CHF

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