• USD/CHF consolidates the biggest daily losses in seven weeks.
  • Steady RSI, sustained break of the key support line, 61.8% Fibonacci retracement favor sellers.
  • Bears eye five-month-old horizontal support line, buyers have a long and bumpy road ahead.

USD/CHF pares the heaviest daily losses since late November around 0.9145 heading into Thursday’s European session.

The Swiss currency (CHF) pair remains near the lowest levels in over a week while keeping the previous day’s downside break of monthly support line, now resistance near 0.9230, as well as 61.8% Fibonacci retracement (Fibo.) of August-November upside, at 0.9155.

Given the steady RSI and a lack of decisive momentum signals from MACD, the USD/CHF prices are likely to remain pressured until crossing the 0.9155 immediate hurdle.

Even if the quote rise past 0.9155, 50% Fibo. level near the 0.9200 threshold, will challenge the pair buyers before directing them to the support-turned-resistance line surrounding 0.9230.

During the USD/CHF run-up beyond 0.9230, the monthly high of 0.9278 will be in focus.

Alternatively, a horizontal line since August 17, around 0.9100, stays on the USD/CHF bear’s radar.

Following that, August month’s low near 0.9020 and the 0.9000 psychological magnet will gain the seller’s attention.

USD/CHF: Daily chart

Trend: Further weakness expected

This article was originally published by Fxstreet.com.Read the original article here.


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