• USD/CHF edges lower on Wednesday in the early Asian session.
• The pair trades below the 21-day and 50-day SMA’s confluence.
• Upside momentum faces pressure in the 0.9220 and 0.9220 zone.

USD/CHF remains muted in the middle of the week. After testing the high of 0.9226 in the US session, the pair retreated and closed below 0.9200. At the time of writing, USD/CHF is trading at 0.9200, down 0.07% for the day.

USD/CHF daily chart

On the daily chart, after testing 5-month highs at 0.9368 on September, 30, the pair has been under downward pressure. The bearish sloping line from the mentioned level acts as a barrier for the USD/CHF bulls. Further, the spot trades below the 21-day and 50-day Simple Moving Average (SMA) confluences.

If the price breaks below the intraday low then it would test the 0.9155 horizontal support level. A daily close below the crucial 0.9150 mark could drag the spot toward the September, 3 low at 0.9115. Next, the bears will keep their eyes on the low of August 30 at 0.9101.

Alternatively, the Moving Average Convergence Divergence (MACD) trades below the midline. Any uptick in the MACD could reverse the prevailing trend with the first upside target at 0.9240 horizontal resistance level. A break above the descending trendline would see a high of October, 13 at 0.9310, followed by the 0.9350 horizontal resistance level.

USD/CHF additional levels