USD/CHF technical analysis: Repeated bounces off 50% Fibo. keeps bullish bias intact
|- USD/CHF nears 100-day SMA amid yet another bounce off 50% Fibonacci retracement.
- 61.8% of Fibonacci retracement adds support to the downside.
With its yet another bounce off 50% Fibonacci retracement of August-October advances, USD/CHF nears 100-day Simple Moving Average (SMA) while taking the bids to 0.9865 amid initial trading on Monday.
Should prices manage to close beyond a 100-day SMA level of 0.9871, early October lows near 0.9900 and 0.9940/43 resistance confluence, including a monthly falling trend line and 23.6% Fibonacci retracement, holds the key to pair’s rise towards 200-day SMA level of 0.9955.
In a case where the quote rallies beyond 0.9955, 1.0000 and the previous month high close to 1.0030 will be the key to watch.
If at all sellers sneak in around 50% Fibonacci retracement level of 0.9843, an extended decline below 61.8% Fibonacci retracement level of 0.9800 is widely anticipated.
Additionally, a sustained trading below 0.9800 could give rise to late-August low, near 0.9715, on the bear’s radar.
USD/CHF daily chart
Trend: bullish
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.