USD/CHF Price Analysis: Bears running out of steam below 0.9700

• USD/CHF remains pressured around monthly low, retreats from daily top of late.
• Oversold RSI conditions, 50% Fibonacci retracement level challenge immediate downside.
• Key SMAs challenge recovery moves, ascending trend line from March offers an additional filter to the south.

USD/CHF struggles to stretch the week-start bear show despite the latest retreat from the daily high to 0.9560 heading into Tuesday’s European session.

That said, the Swiss currency (CHF) pair remains pressured around a one-month low, marked the previous day, but short-term key supports challenge the quote’s further downside.

It’s worth noting that the oversold RSI conditions join the 50% Fibonacci retracement (Fibo.) of March 31 to May 15 upside, near 0.9630, to restrict short-term USD/CHF declines.

Also challenging the pair bears is an upward sloping trend line from late March, close to 0.9615 at the latest.

Meanwhile, the 200-SMA and the latest swing high, respectively near 0.9685 and 0.9765, restrict the USD/CHF pair’s recovery moves.

Though, the convergence of the 100-SMA and 23.6% Fibo., around 0.9860-65, gains major attention.

USD/CHF: Four-hour chart

Trend: Corrective pullback expected