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19 May 2021

USD/CHF Price Analysis: Corrective pullback battles previous hurdle below 0.9000

  • USD/CHF bounces off late February lows, refreshes intraday top of late.
  • Previous weekly bottom guards immediate upside, bumpy road ahead.
  • Sellers may aim for mid-0.8900s before early January tops.

USD/CHF consolidates the latest losses near a three-month low, up 0.05% around 0.8985, during early Wednesday. In doing so, the quote bounces off the previous day’s low, also the lowest since late February, to aim for the one-week-old horizontal resistance.

Although RSI recovery backs the USD/CHF buyers around 0.8985-90 immediate hurdle, a downward sloping trend line from last Thursday, near 0.9010, could test the pair’s further upside.

Even if the quote manages to cross 0.9010 resistance, 100 and 200-HMAs surrounding 0.9030 can test the USD/CHF bulls.

Meanwhile, fresh selling can take place below the latest low near 0.8960 but multiple supports can probe downside near 0.8950-45.

Also acting as a downside filter is 0.8920 level comprising tops marked in late December 2020 and early January.

USD/CHF hourly chart

Trend: Pullback expected

 

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