USD/CHF technical analysis: Sellers aim for 50% Fibo after breaking 200-day SMA, 8-month old trend-line

• The quote holds weakness after important supports break.
• Oversold RSI may question sellers around 50% Fibonacci retracement.

Having breached 200-day SMA and an upward sloping trend-line since late-September 2018, USD/CHF is now trading near 0.9920 ahead of the European open on Wednesday.

The pair can now take rest on 50% Fibonacci retracement of September 2018 to April 2019 upside at 0.9890. However, oversold levels of 14-day relative strength index (RSI) could limit the quote’s further declines.

If not, then 0.9850 and 61.8% Fibonacci retracement around 0.9805 could mark the comeback.

Meanwhile, the support-turned-resistance of 0.9945 is near to 200-day simple moving average (SMA) level of 0.9965 that may restrict the pair’s immediate upside.

Should prices rise beyond 0.9965, May month low of 1.0000 and 1.0050 can entertain buyers.

USD/CHF daily chart

Trend: Bearish