USD/CHF Price Analysis: Rising wedge on 1H keeps sellers hopeful below 0.9200

• USD/CHF takes offers to refresh intraday low inside a bearish chart pattern.
• Downward sloping RSI line hints at confirmation of further downside.
• Early August tops can lure bears below 0.9170, bulls may await fresh monthly top for conviction.

USD/CHF drops to 0.9180, down 0.10% intraday, to refresh the daily low amid early Friday. In doing so, the Swiss currency pair snaps a three-day uptrend inside a bearish chart pattern on the one-hour (1H).

Given the RSI retreat, the quote is likely to remain pressured. However, a clear downside break of 0.9170 becomes necessary to confirm bearish bias.

Following that, the theoretical target of 0.9070, comprising early August tops, could lure the USD/CHF sellers. However, 0.9150, 0.9130 and the 0.9100 threshold can act as buffers during the anticipated fall.

Meanwhile, a clear upside break of 61.8% Fibonacci retracement of August 11–17 downside, near 0.9190, needs validation from the 0.9200 round figure to confirm further advances to an upward sloping trend line from August 06, forming part of the rising wedge near 0.9215.

It’s worth noting that the USD/CHF bulls may remain unconvinced before witnessing successful trading beyond the monthly top of 0.9242.

USD/CHF: Hourly chart

Trend: Further weakness expected