USD/CHF technical analysis: Forms a temporary base near 200-hour SMA/50% Fibo. confluence region
|• The USD/CHF pair failed to capitalize on its intraday positive move and remained capped below the overnight swing high, albeit seemed to form a base near 200-hour SMA.
• The mentioned support coincides with 50% Fibonacci retracement level of the 1.0008-1.0063 recent up-move and should now act as a key pivotal point for intraday traders.
Meanwhile, technical indicators on the 1-hourly chart have again started gaining positive traction and support prospects for a further appreciating move, though maintained their bearish bias on 4-hourly/daily charts and suggest selling pressure at higher levels.
Hence, it would be prudent to wait for a sustained move beyond 23.6% Fibo. level, around mid-1.0000s, before traders start positioning for an extension of the positive momentum towards the 1.0080-85 horizontal resistance en-route the 1.0100 round figure mark.
USD/CHF 1-hourly chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.