USD/CHF Price Analysis: Sellers keep eyes on short-term rising wedge

• USD/CHF bounces off 200-HMA inside the bearish technical pattern.
• Bearish MACD favors the confirmation of the chart formation.
• 61.8% Fibonacci retracement adds to the upside barrier.

USD/CHF stays soft around 0.9690 during the pre-European session on Friday. In doing so, the pair remains above 200-HMA while also keeping inside the bearish chart formation namely rising wedge.

Considering the bearish MACD, sellers will be the lookout of the pattern’s confirmation, on further declines below 0.9665, while targeting the weekly low near 0.9595.

It should be borne in mind that 200-HMA near 0.9675 could offer an intermediate halt during the downside.

Meanwhile, the formation resistance, around 0.9710 now, followed by 61.8% Fibonacci retracement of April 06-16 fall, near 0.9720, could question the pair’s recovery moves.

USD/CHF hourly chart

Trend: Sideways to negative