• USD/CHF down 0.20 Percent, fifth day of losses.
  • RSI looks oversold, price near critical support.
  • Upside limited by 200-hour moving average and 38.2 Percent Fibonacci retracement.

USD/CHF touched an intraday low of 0.9061 today and bounced off to trade near 0.9065 ahead of the European session. The pair is sustaining below the 200-hour moving average and 38.2 Percent Fibonacci retracement of August 31 to September 08 up-move, giving an upper-hand to the bears.

Nevertheless, the sellers can’t ignore the support line of a short-term symmetrical triangle at 0.9060 now and the nearly oversold RSI.

A bounce off 61.8 Percent Fibonacci retracement near 0.9075 could be expected in the USD/CHF, a move which might challenge the triangle’s resistance zone near 0.9090.

The 200-hour moving average and a Fibonacci retracement meet around 0.9020/25, capping further upside from the bounce.

But, if the pair falls below 0.9060, then bears could target 0.9048 and the monthly low of 0.8999.