USD/CHF eases from weekly top after three-day uptrend, inside bearish chart pattern.
USD/CHF pauses weekly rebound, easing to 0.9167 ahead of Wednesdays European session. In doing so, the Swiss currency (CHF) pair steps back from the 200-HMA inside a short-term rising wedge bearish chart pattern.
Given the pairs failure to cross the key HMA, coupled with the firmer Momentum and bearish chart pattern, its further declines are likely on the table.
However, a clear downside break of the stated wedges support line, near 0.9155, becomes necessary for the USD/CHF sellers to aim for the theoretical target of 0.9070.
Though, a convergence of the 100-HMA and 23.6% Fibonacci retracement (Fibo.) level of January 11-13 downside, near 0.9135, becomes a crucial intermediate halt to test bears.
Meanwhile, the 200-HMA and upper line of the stated wedge, respectively around 0.9180 and 0.9185, guard the quotes short-term rebound.
Following that, the 61.8% Fibo. level and the monthly high, close to 0.9205 and 0.9280 in that order, will be in focus.
USD/CHF: Hourly chart
