- USD/CHF remains muted on Wednesday in the Asian trading hour.
- Bears dominate the trade after the price slips below 20-day SMA.
- Momentum oscillator tilts in favor of the bearish momentum.
USD/CHF trades with no clear direction in the Asian trading hours on Wednesday. The pair hovers in a very close trading range with no meaningful traction.
At the time of writing, USD/CHF is trading at 0.9144, up 0.01 % for the day.
USD/CHF daily chart
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On the daily chart, the USD/CHF pair has fallen sharply from the highs of 0.9264 made on July 8. The pair took support near the 38.2% Fibonacci retracement, which extends from the lows of 0.8933, at 0.9140.
If price breaks the session’s low, it could test the first downside target at low of July 15 at 0.9117 followed by the 50.0% Fibonacci retracement at 0.9100.
The Moving Average Convergence Divergence (MACD) trades above the midline with a bearish crossover. The reading suggests that there is room for further downside to the low made on June 17 at 0.9075.
Alternatively, if the pair reverses direction, the first target for USD/CHF bulls could be found at the 20-hour Simple Moving Average (SMA) at 0.9191.
Next, the bulls would flex their muscle toward the July 21 high at 0.9231 followed by the 0.9250 horizontal resistance level.
USD/CHF additional levels
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