USD/CHF Price Analysis: Greenback approaching January highs vs. Swiss franc

USD/CHF pulls back from 0.9990, 23.6% Fibonacci retracement on the sellers’ radar. 200-bar SMA, followed by rising multi-week-old rising trendline and 38.2% Fibonacci retracement, limit further declines. Despite witnessing a downside pressure off-late, the USD/CHF pair remains well above the key supports while taking rounds to 0.9960 amid pre-European open session on Monday.

The pair remains under some selling pressure for the second straight session. The ongoing slide dragged it below a two-month-old ascending trend-channel. Bears might now aim towards challenging the 0.9900 round-figure mark. The USD/CHF pair extended this week’s rejection slide from the vicinity of the key parity mark and remained under some selling pressure for the second consecutive session.

USD/CHF struggles around 38.2% Fibonacci retracement after declining to a three-week low. Bearish MACD favors further downpour to 0.9800/9795 support-zone. With its sustained trading below 50-day SMA, coupled with the bearish MACD, USD/CHF stays on the sellers’ radar even if it clings to 0.9880 during early Friday.

USD/CHF stays above 21-day EMA amid bullish MACD. A daily closing beyond the monthly trendline will trigger fresh upside. Given the monthly falling resistance line and 21-day EMA confusing USD/CHF traders on a key day, the quote seesaws near 0.9940 during pre-European session on Wednesday.

USD/CHF is consolidating its losses this Thursday. The level to beat for bears is the 0.9855 support. On the daily chart, USD/CHF is trading in a range below its main daily simple moving averages (DSMAs). The market is approaching the October low, currently at the 0.9837 price level.

USD/CHF takes another U-turn from 100-day SMA, takes the bids above 38.2% Fibonacci retracement. 61.8% Fibonacci retracement acts as the key support while 200-day SMA holds the pair’s recovery confined. Following its bounce off 100-day SMA, USD/CHF rises past-38.2% Fibonacci retracement of August-October upside while taking the bids to 0.9900 by the press time ahead of the European session on Monday.

Analysts at MUFG Bank, point out that the Swiss franc has strengthened alongside the price of gold, perhaps reflecting debasement fears. They argue market participants are also questioning Swiss National Bank’s appetite for maintaining negative rates and intervening to dampen CHF strength.

USD/CHF is trading up for the third consecutive day. The level to beat for bulls is the 0.9700 resistance. USD/CHF is rebounding from the 0.9500 level while challenging the 50 SMA on the daily chart. DXY (US dollar index) is gaining some ground vs. most of its rivals.