USD/CHF Price Analysis: 0.9030 guards immediate recovery

USD/CHF extends bounce off 0.9001, refreshes intraday top.
Clear break of 200-day SMA, two-month-old support line and 61.8% Fibonacci retracement level back the bears.
Multiple levels marked since January lure sellers, bulls have a bumpy road before regaining market attention.

Anil Panchal FXStreet

USD/CHF picks up bids to 0.9020, up 0.10% on a day, ahead of Tuesday’s European session. In doing so, the Swiss currency pair stretches the previous day’s corrective pullback from late February lows.

However, the quote remains below multiple strong supports, now resistances, amid the sluggish Momentum, which in turn suggests the USD/CHF weakness going forward.

Among the key resistances, 61.8% Fibonacci retracement of January-April upside near 0.9030 becomes immediate to cross for the pair buyers ahead of a downward sloping trend line from March 11, around 0.9045.

Should USD/CHF bulls manage to cross 0.9045 support-turned-resistance line, 200-day SMA and 50% Fibonacci retracement level, respectively around 0.9085 and 0.9115 will be the key to watch.

Meanwhile, the pair’s fresh weakness will need to break the 0.9000 threshold before targeting the 0.8925-30 a four-month-old horizontal support zone.

USD/CHF daily chart

Trend: Pullback expected

additional important levels

Overview
Today last price	0.9018
Today Daily Change	6 pips
Today Daily Change %	0.07%
Today daily open	0.9012

Trends
Daily SMA20	0.9136
Daily SMA50	0.9239
Daily SMA100	0.9079
Daily SMA200	0.9083

Levels
Previous Daily High	0.902
Previous Daily Low	0.8986
Previous Weekly High	0.9165
Previous Weekly Low	0.9004
Previous Monthly High	0.9473
Previous Monthly Low	0.908
Daily Fibonacci 38.2%	0.9007
Daily Fibonacci 61.8%	0.8999
Daily Pivot Point S1	0.8992
Daily Pivot Point S2	0.8972
Daily Pivot Point S3	0.8958
Daily Pivot Point R1	0.9026
Daily Pivot Point R2	0.9039
Daily Pivot Point R3	0.9059

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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