USD/CHF Price Analysis: Remains sidelined above 100-SMA, fortnight-long support

• USD/CHF maintains the weekly trading range between 0.9245-40 and monthly horizontal resistance.
• Momentum retreat hints at further weakness, 200-SMA adds to the downside filters.

USD/CHF struggles for a clear direction around 0.9250 ahead of Wednesday’s European session.

In doing so, the Swiss (CHF) currency pair keeps the weekly trading range of around 40 pips.

That said, the recently easing Momentum line hints at the quote’s pullback towards the 0.9245-40 support zone retest, comprising 100-SMA and an ascending support line from January 21.

Should the quote breaks 0.9240, the 200-SMA level near 0.9205 and the 0.9200 threshold will challenge the USD/CHF bears.

Meanwhile, an upside clearance of a five-week-long horizontal area, near 0.9275-80, will direct the quote towards the 0.9300 round figure.

Following that, the previous month’s high near 0.9345 and top marked during November 2021, around 0.9375, will gain the market’s attention.

USD/CHF: Four-hour chart

Trend: Further weakness expected