• USD/CHF remains on the back foot despite recovering off-late.
• 61.8% of Fibonacci retracement will be on the sellers’ radars.
• Buyers are less likely to take the risk unless revisiting early-2020 levels.

USD/CHF registers 1.36% loss to 0.9260 while heading into the European open on Monday. The pair earlier dropped below the longer-term support line, stretched from May 2015, but fails to stay beneath the same off-late.

As a result, the bears will await a sustained fall below the 0.9260/55 support-zone to aim for 61.8% Fibonacci retracement of the 2015-16 upside, at 0.9115.

During the quote’s additional downside below 0.9115, May 2015 low near 0.9070 and 0.9000 will lure the bears.

On the upside, 50% Fibonacci retracement level of 0.9350 and September 2018 bottom close to 0.9540 can curb the short-term bounce.

However, buyers will remain a sceptic of any run-up below January month low near 0.9615.

USD/CHF weekly chart

Trend: Bearish