USD/CHF loses ground after safe-haven demand grows in the session

USD/CHF has fallen over half a percent as safe-haven demand firms on Monday.
This move comes despite a strong performance in the stock indices in Wall Street.

Rajan Dhall, MSTA FX Daily

USD/CHF daily chart

CHF and JPY have performed well on the first trading day of the week (Monday) as safe-haven demand seems firm. This is a surprising development after the beat on Nonfarm Payrolls and the rising stock markets in the US.

On the downside, there is a support zone at 0.9541, which is the previous wave low. If this level gets taken out, it could mean the downtrend might be kicking off again. The main support on the chart remains the psychological 0.95 zone as the price has bounced here in the past and it seems to inspire a strong reaction.

The Relative Strength Index indicator is looking bearish once more as it trades under the 50 level. There had been a bullish divergence and this could be negated very soon if the price continues to fall. The MACD also looks like it is on the turn lower. The signal lines are moving back under the midline and the histogram is currently very thin.

Additional levels

USD/CHF

Overview
Today last price	0.957
Today Daily Change	-0.0052
Today Daily Change %	-0.54
Today daily open	0.9622

Trends
Daily SMA20	0.9671
Daily SMA50	0.9685
Daily SMA100	0.9681
Daily SMA200	0.9776

Levels
Previous Daily High	0.9651
Previous Daily Low	0.9542
Previous Weekly High	0.9651
Previous Weekly Low	0.9542
Previous Monthly High	0.9784
Previous Monthly Low	0.9589
Daily Fibonacci 38.2%	0.9609
Daily Fibonacci 61.8%	0.9583
Daily Pivot Point S1	0.9559
Daily Pivot Point S2	0.9496
Daily Pivot Point S3	0.945
Daily Pivot Point R1	0.9668
Daily Pivot Point R2	0.9714
Daily Pivot Point R3	0.9777

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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