USD/CHF Technical Analysis: Weak below six-week-old falling trendline

Summary:
USD/CHF recovers amid the recent risk reset. 200-bar SMA adds to the upside barrier, 2019 low holds the key to further declines. USD/CHF bounces off the intra-day low of 0.9665 to 0.9702 while heading into the European session on Wednesday. The pair benefits from the absence of immediate US-Iran war after Tehran hit US bases in Iraq. Even so, the pair stays well below the descending trend line since November 29, at 0.9730, which limits the near-term advances. Should the pair manages to clear 0.9730, it can rise to December 19 low near 0.9770. However, a 200-bar SMA level around 0.9830 could restrict the pair’s further advances. In a case where the bulls dominate past-0.9830, 0.9920 and November month high of 1.0024 will be on their radars. Meanwhile, 0.9660 and

Topics:
Anil Panchal considers the following as important: 1) SNB and CHF, 1.) FXStreet on SNB&CHF, Featured, newsletter, USD/CHF

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