• USD/CHF stays pressured around two-week high despite the recent bounce off daily low.
• Failures to cross 50-DMA join steady RSI to keep sellers hopeful.
• Three-month-old horizontal support is the key, 61.8% Fibonacci retracement tests immediate downside.

USD/CHF pares weekly gains around 0.9175 during early Wednesday morning in Asia.

The Swiss currency (CHF) pair jumped the most in a fortnight before taking the U-turn from the 50-DMA.

Given the failures to cross the key moving average joins mostly steady RSI, USD/CHF prices ease towards the 61.8% Fibonacci retracement (Fibo.) of August-November upside.

It should be noted, however, that the pair’s declines past 0.9153 nearby support will be challenged by a horizontal area comprising lows marked since early November, near 0.9090, a break of which will direct bears towards August month’s low of 0.9018.

Alternatively, 50% Fibo. near 0.9195 can act as an immediate upside hurdle ahead of the 50-DMA level of 0.9205.

In a case where USD/CHF bulls manage to cross the 0.9205 resistance, the run-up to the monthly high of 0.9278 can’t be ruled out.

USD/CHF: Daily chart

Trend: Pullback expected