USD/CHF Technical Analysis: Intraday slide to 1-week lows pauses near near 23.6% Fibo. level ahead of FOMC

   •  The pair met with some aggressive supply on Wednesday and extended its recent pullback from 28-month tops set last Friday amid the prevalent US Dollar selling bias.

   •  A sustained break below 200-hour SMA – for the first time since early April, was seen as a key trigger for bearish traders and behind the pair’s sharp intraday downfall.

   •  However, oscillators on the 1-hourly chart drifted into the oversold territory and helped find some support near 23.6% Fibo. level of the 0.9895-1.0236 recent upsurge.

   •  Meanwhile, mixed technical indicators on 4-hourly/daily charts have failed to support any firm directional bias and warrant some caution before placing any aggressive bets.

USD/CHF 1-hourly chart