USD/CHF aptly portrays the pre-Fed anxiety as it makes rounds to 0.9050 heading into Wednesday’s European session. In doing so, the Swiss Franc (CHF) pair dribbles between the 50-DMA and the 100-DMA while paring the weekly gains of late.

It should be noted that the impending bear cross on the MACD signals and the market’s cautious mood seem to have recently prod the USD/CHF bulls. Also likely to challenge the upside momentum is a jungle of resistances below 0.9130.

That said, the 0.9100 round figure guards immediate upside of the USD/CHF pair ahead of a convergence of the support-turned-resistance line stretched from May 04 and the 100-DMA, around 0.9115.

Following that, an 11-week-old faling resistance line and 50% Fibonacci retracement level of the pair’s March-May downside, close to the 0.9130 level, appears a tough nut to crack for the USD/CHF bulls.

It’s worth mentioning that the 0.9200 round figure, 61.8% Fibonacci retracement near 0.9205 and the late March swing high of 0.9225 act as additional upside filters for the bulls to cross for conviction.

Meanwhile, the 0.9000 psychological magnet puts a floor under the USD/CHF price. However, a daily closing below the 50-DMA support of around 0.8985 seems more important level to confirm the pair’s further downside.

In a case where the quote remains bearish past 0.8985, the odds of witnessing a slump towards the yearly low marked in May around 0.8835 can’t be ruled out