Resistance-turned-support defends bulls below 0.9300

USD/CHF grinds lower despite staying above previous resistance line.
20-SMA, bearish MACD challenges buyers, two-week-old rising trend line adds to the downside filters.

USD/CHF flirts with short-term support line, previous resistance, around 0.9275 during the pre-European session on Tuesday.

Even so, bearish MACD signals and failures to cross 20-SMA immediate hurdle challenges the Swiss currency (CHF) pair buyers, keeping sellers hopeful.

However, a clear downside break of 0.9270 support line figures becomes necessary for the bears to tighten the grips and aim for an ascending support line from September 08, near 0.9250.

Also acting as a downside filter are the early month tops surrounding 0.9230 and the 0.9200.

On the flip side, recovery moves may gain momentum on crossing the 20-SMA level close to 0.9285.

Following that, the monthly high near 0.9335 and March’s high close to 0.9375 will be in focus before directing the USD/CHF bulls to the yearly peak of 0.9472.

To sum up, USD/CHF bulls fail to keep the reins and hence the previous day’s pullback is likely to extend.

USD/CHF: Four-hour chart

Trend: Pullback expected