USD/CHF Price Analysis: Sellers can ignore bounce off 10-DMA

• USD/CHF recovers from short-term moving average to consolidate Friday’s losses.
• Sustained trend line break, easing bullish bias of MACD keep sellers hopeful.

USD/CHF picks up bids to 0.9218, intraday high 0.9223, during Monday’s Asian session. In doing so, the Swiss currency (CHF) pair takes a U-turn from 10-day SMA (DMA) to consolidate the previous day’s losses, the heaviest in a month.  Even so, the quote keeps the 13-day-old trend line breakdown, portrayed on Friday.

Given the receding bullish bias of the MACD signals, the pair is likely to remain pressured towards the June 25 low near 0.9142.

During the pair’s weakness past 0.9142, tops marked during the early June around 0.9050 and the 0.9000 psychological magnet will lure the USD/CHF bears.

Meanwhile, the pair’s recovery moves become less important until staying below 0.9285 resistance confluence comprising the previous support line and an upward sloping hurdle since June 18.

In a case where USD/CHF bulls manage to cross the 0.9285 resistance, early March tops near 0.9375 and the yearly peak of 0.9472 will be in the spotlight.

USD/CHF: Daily chart

Trend: Further weakness expected