Headline: USD/CHF Stays Below 0.8000 as Sellers Defend Key Levels
Introduction: The US dollar slipped against the Swiss franc on Wednesday, with USD/CHF unable to reclaim the 0.8000 psychological barrier. After a brief Asian-session bounce, the pair met strong resistance and resumed lower, keeping the near-term bearish trend intact.
The attempted recovery ran out of momentum just under the 0.8000 handle, where the 200-period moving average on the 4-hour chart sits near 0.7995. Sellers defended this area, reinforcing it as a firm ceiling for the dollar-franc. The failure to break higher preserved downside pressure and set the stage for another leg lower into the European morning.
Price action subsequently pushed to a fresh low dating back to October 29, testing the 61.8% Fibonacci retracement of the rally from the September trough at 0.7941. Intraday lows printed around 0.7942, just above that support, while the 50% midpoint at 0.7976 now marks a nearby pivot between the 61.8% level and the 0.8000/200-MA confluence. While bears remain in control beneath 0.8000, the initial hold at the 61.8% retracement offers dip buyers a level to lean against. A sustained move back above 0.8000 would be required to shift momentum; otherwise, the path of least resistance remains lower.
Key Points: – USD/CHF failed to reclaim the 0.8000 psychological level after a brief Asian-session bounce. – The 200-period 4-hour moving average near 0.7995 capped the recovery, reinforcing resistance. – The pair set a new low since October 29, testing the 61.8% Fibonacci retracement at 0.7941. – Intraday lows hit around 0.7942; the 50% retracement at 0.7976 acts as a nearby pivot. – Bearish bias holds while below 0.8000; a close above that zone is needed to ease downside pressure.
