• USD/CHF fades corrective pullback from one-week bottom marked the previous day.
• Sustained break of short-term ascending trend line, bearish MACD signals favor sellers.
• Bulls need validation from the 200-SMA to retake control.

USD/CHF remains depressed around 0.9550 amid a sluggish Asian session on Tuesday. Even so, the sellers remain hopeful while tracing a downside break of a one-week-old ascending trend line.

In addition to the weekly support break, the bearish MACD signals and the pair’s sustained trading below the 200-SMA also favor USD/CHF sellers.

That said, the pair is all set to challenge the yearly low surrounding 0.9470, with the 0.9500 threshold likely acting as an intermediate halt.

In a case where USD/CHF bears dominate past 0.9470, the 61.8% Fibonacci Expansion (FE) of July 14 to August 03 moves, near 0.9390, will be in focus.

Alternatively, the previous support line from August 02, close to 0.9565 at the latest, guards the quote’s recovery moves.

However, major attention will be given to the 200-SMA level of 0.9650 as a successful break above the same could enable USD/CHF bulls to aim for the late July swing high around 0.9740.

Overall, USD/CHF is likely to remain on the bear’s radar despite the latest inaction.

USD/CHF: Four-hour chart

Trend: Further downside expected