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Technical Analysis: USDCHF aims to revisit 50-day SMA amid sustained risk-off

USDCHF probes the three-day declines amid early Wednesday. However, the pair's sustained trading below 61.8% Fibonacci retracement level and 200-day SMA continues to portray the underlying weakness. As a result, the 50-day SMA level of 0.9738 seems to grab the sellers' attention during further declines. In a case where the USDCHF prices drop below 0.9738, 0.9700 can offer an intermediate halt prior to directing it towards the yearly low near 0.9612.

Meanwhile, a successful run-up beyond a 200-day SMA level of 0.9855 needs validation from 61.8% Fibonacci retracement level, at 0.9870 now, to take aim at 0.9900 mark. Given the bulls' ability to cross 0.9900, 0.9975 can stop further upside towards 1.0000 psychological magnet.

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