USD/CHF Price Analysis: Bears below 0.9150 challenge 38.2% Fibonacci retracement

• USD/CHF prints minute losses on Monday in the Asian session.
• Bulls find it hard to break the 0.9240 multiple resistance barrier.
• Momentum oscillator adopts wait-and-a-watch approach before aggressive bets

USD/CHF edges lower on the fresh trading week in the Asian trading hours. The pair hovers in a very close trading range of 10-pips with a downside momentum.

At the time of writing, USD/CHF is trading at 0.9155, down 0.04 % for the day.

USD/CHF daily chart

On the daily chart, the USD/CHF pair has been facing strong resistance near 0.9240-50 zone with multiple top formations. USD/CHF tested the low of 0.9108 on August 4, after breaching 23.6% Fibonacci retracement, which extends from the low of 0.8933, at 0.9192. However, the spot made a swift recovery back to the high of 0.9242 only to retrace toward 0.8140 in the previous week.

Being said that, If price breaks below 38.2% Fibonacci retracement level at 0.9144, it could test the 0.9120 horizontal support level.

USD/CHF bears would further be motivated to attack the key 0.9100 psychological mark.

The Moving Average Convergence Divergence (MACD) trades just near the midline with a neutral stance. Any downtick in the MACD would encourage the bears to continue to march lower towards the 61.8% Fibonacci retracement level at 0.9066.

Alternatively, if price starts moving higher, it could test the high made on July 27 at 0.9188.

A daily close beyond 23.6% Fibonacci retracement level would mean the 0.9220 horizontal resistance level is easily achievable for USD/CAD bulls, followed by the July 8 high of 0.9264.

USD/CHF additional levels