USD/CHF Price Analysis: Tough challenges for the bears below 0.9200

• USD/CHF stays on the backfoot after recently dropped to the lowest since last Wednesday.
• A short-term symmetrical triangle restricts the pair’s immediate downside ahead of 61.8% Fibonacci retracement level.
• Bulls will have 200-HMA as an extra barrier to cross before retaking the controls.

USD/CHF drops to 0.9170, down 0.41% on a day, during early Monday. In doing so, the Swiss franc gains versus the US dollar as traders drop the greenback amid risk-on sentiment. It should also be noted that a four-day-old symmetrical triangle probes the pair sellers amid bearish MACD.

Other than the 0.9165 immediate support, 61.8% Fibonacci retracement of September 18-25 upside near 0.9159 also probes the USD/CHF bears.

Also acting as strong downside support could be a horizontal line including September 17 high and September 21 low, around 0.9140.

Meanwhile, 0.9180 and the 0.9200 threshold can offer immediate resistance to the pair during its pullback, if any.

Though, buyers will remain cautious unless breaking the triangle’s resistance, at 0.9210 now, followed by a 200-HMA level of 0.9228.

USD/CHF hourly chart

Trend: Sideways