USD/CHF Price Analysis: Bears take in control below 0.9150

• USD/CHF extends the previous session’s losses and trades with negative bias.
• Bears dominate the trade after the price slips below 20-day SMA.
• Momentum oscillator tilts in favor of the bearish momentum.

USD/CHF edges lower in the Asian trading hours on Tuesday. The pair opened higher but it was not able to preserve the momentum.

At the time of writing, USD/CHF is trading at 0.9149, down 0.14% for the day.

USD/CHF daily chart

On the daily chart, the USD/CHF pair has risen sharply from the lows of 0.8977 made on June 16. The pair refreshed the multi-month high near 0.9274 before retreating toward 0.9150.

USD/CHF hovers in a broader trading range of 0.9150 and 0.9275 for the past one month.

If price breaks the session’s low, it could breach the mentioned trading range  to test the 0.9130 horizontal support level.

The Moving Average Convergence Divergence (MACD) is in an overbought zone with a bearish crossover. The reading suggests that there is room for further downside to the 0.9100 key psychological level.

A daily close below 0.9100 would prompt USD/CHF bears to retest the low of June 17 at 0.9075.

Alternatively, if the pair reverses direction, the first target for USD/CHF bulls could be the 0.9175 horizontal resistance level.

Next, the bulls would flex their muscle toward the 0.9200 horizontal resistance level, followed by the July 21 high of 0.9231.

USD/CHF additional levels