USD/CHF Price Analysis: Bears will keep eyes on support trendline from 2015

Summary:
USD/CHF remains on the back foot despite recovering off-late. 61.8% of Fibonacci retracement will be on the sellers’ radars. Buyers are less likely to take the risk unless revisiting early-2020 levels. USD/CHF registers 1.36% loss to 0.9260 while heading into the European open on Monday. The pair earlier dropped below the longer-term support line, stretched from May 2015, but fails to stay beneath the same off-late. As a result, the bears will await a sustained fall below the 0.9260/55 support-zone to aim for 61.8% Fibonacci retracement of the 2015-16 upside, at 0.9115. During the quote’s additional downside below 0.9115, May 2015 low near 0.9070 and 0.9000 will lure the bears. On the upside, 50% Fibonacci retracement level of 0.9350 and September 2018 bottom

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

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