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USD/CHF Price Analysis: Slides below 200-HMA but 0.9045 appears a tough nut to crack for bears

USD/CHF is facing selling pressure and has reached an intraday low of 0.9060, snapping a two-day winning streak. The Swiss Franc (CHF) pair has also broken below the 200-Hour Moving Average (HMA) support level.

Bearish signals from the Moving Average Convergence Divergence (MACD) and a reversal of the Relative Strength Index (RSI) from overbought territory add to the downside bias. However, the RSI is currently below the 50.0 level, indicating limited room for further downside in the USD/CHF pair.

The focus now shifts to a convergence of the 50-HMA and an ascending trendline from the previous Friday, which provide key downside support around 0.9045.

If the bears manage to break this strong support level, a quick decline towards the psychological level of 0.9000 could be expected. Further support levels include the monthly low of 0.8985 and the previous monthly low of 0.8820.

On the upside, a recovery in USD/CHF would need to surpass the 200-HMA level at 0.9065. Additionally, the 61.8% Fibonacci retracement of the pair’s downturn from May 31 to June 09, near 0.9085, acts as a short-term resistance level.

Above all, the double top formation around 0.9110 represents a crucial resistance for USD/CHF bulls. Breaking above this level would be necessary for the bulls to regain control.

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