USD/CHF bears take a breather at the lowest levels since August 2021, making rounds to 0.9050 during early Wednesday.

The Swiss Franc (CHF) pair refreshed the multi-day low and portrayed a three-day downtrend earlier in Asia while justifying the previous day’s break of the key ascending support line from early February, now immediate resistance near 0.9080.

Adding strength to the downside bias are the bearish MACD signals and the quote’s one-month-old downward trajectory, as indicated by a descending resistance line from early March.

However, the RSI (14) inches close to the oversold territory and hence suggests the dip-buying, which in turn highlights the August 2021 bottom of around 0.9020 and the 0.9000 as the important supports.

Following that, the 61.8% Fibonacci Expansion (FE) of the pair’s moves between November 2022 and March 2023, around 0.8920, will be in focus.

Alternatively, the support-turned-resistance line challenges the USD/CHF pair’s immediate recovery moves around 0.9080, a break which can direct the buyers toward challenging the 10-DMA hurdle of 0.9145.

In a case where the USD/CHF remains firmer past 0.9145, the aforementioned one-month-old resistance line of near 0.9180 can act as the last defense of the bears.