USD/CHF Price Analysis: 0.9705/10 restricts immediate downside

USD/CHF carries recovery moves from late-Tuesday.
A confluence of 100/200-HMAs and 38.2% Fibonacci retracement offer strong support.
The short-term horizontal resistance guards immediate upside.

Anil Panchal FXStreet

USD/CHF trades near 0.9720, down 0.10% on a day while heading into the European session on Friday.

In doing so, the pair carries its bounce off three-day-old horizontal support.

As a result, 23.6% Fibonacci retracement level of the pair’s one-week-old rise, around 0.9740 lures the buyers.

However, a horizontal line from Wednesday, around 0.9760 holds the gate for the pair’s further run-up towards the monthly high of 0.9784.

On the downside, the aforementioned horizontal support around 0.9715 acts as an immediate challenge to the sellers.

Following that, a confluence of 100/200-HMAs and 38.2% Fibonacci retracement around 0.9710/05 becomes a tough nut to crack for them.

USD/CHF hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.9722
Today Daily Change	-9 pips
Today Daily Change %	-0.09%
Today daily open	0.9731

Trends
Daily SMA20	0.9695
Daily SMA50	0.9648
Daily SMA100	0.9692
Daily SMA200	0.9788

Levels
Previous Daily High	0.9784
Previous Daily Low	0.9729
Previous Weekly High	0.98
Previous Weekly Low	0.9589
Previous Monthly High	0.9803
Previous Monthly Low	0.9595
Daily Fibonacci 38.2%	0.975
Daily Fibonacci 61.8%	0.9763
Daily Pivot Point S1	0.9712
Daily Pivot Point S2	0.9693
Daily Pivot Point S3	0.9657
Daily Pivot Point R1	0.9767
Daily Pivot Point R2	0.9803
Daily Pivot Point R3	0.9822

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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