USD/CHF Price Analysis: Eyes to retest six-week-old support near 0.9540

• USD/CHF remains pressured after reversing from one-week high.
• Failures to cross 50-EMA, descending RSI keeps sellers hopeful.
• 200-EMA adds to the upside filters, 0.9380 could lure bears below nearby horizontal support.

USD/CHF extends the previous day’s pullback from the weekly top, and stays pressured around 0.9580 heading into Friday’s European session.

In doing so, the Swiss currency (CHF) pair justifies the failure to cross the 50-EMA, as well as the downbeat RSI (14).

However, a horizontal area from April 20, surrounding 0.9540, appears a tough nut to crack for the USD/CHF bears.

Following that, tops marked during early April, near 0.9380 will gain the bear’s attention.

Alternatively, a convergence of the 50-EMA and 50% Fibonacci retracement of late March to the mid-May upside, around 0.9630, limit the immediate recovery of the USD/CHF pair.

Should the pair buyers manage to cross the 0.9630 hurdle, the 200-EMA level of 0.9665 and late May swing high close to 0.9765 will be in focus.

USD/CHF: Four-hour chart

Trend: Further weakness expected