USD/CHF Price Analysis: 21-day SMA limits immediate downside

USD/CHF confronts 23.6% Fibonacci retracement following the bounce off 21-day SMA.
Early month lows add to the support while 38.2% Fibonacci retracement, 50-day SMA will challenge recovery moves.

Anil Panchal FXStreet

USD/CHF takes the bids to 0.9707 during the pre-Europe session on Friday. In doing so, the pair repeats the tendency of staying beyond 21-day SMA while also confronting 23.6% Fibonacci retracement of its declines from November 29, 2019, to January 16, 2020.

The sustained trading above short-term SMA is likely to extend the pair’s pullback moves toward a 38.2% Fibonacci retracement level of 0.9770, following the clear break of 0.9820 mark comprising 23.6% of Fibonacci retracement.

However, a 50-day SMA level near 0.9781 and late-December 2019 top surrounding 0.9830 will challenge the buyers.

Alternatively, pair’s daily closing below 21-day SMA level of 0.9700 may recall early-month bottoms close to 0.9665 ahead of testing the monthly low of 0.9613.

USD/CHF daily chart

Trend: Trend: Pullback expected

Additional important levels

Overview
Today last price	0.9708
Today Daily Change	11 pips
Today Daily Change %	0.11%
Today daily open	0.9697

Trends
Daily SMA20	0.9698
Daily SMA50	0.9786
Daily SMA100	0.9855
Daily SMA200	0.9888

Levels
Previous Daily High	0.9744
Previous Daily Low	0.9679
Previous Weekly High	0.973
Previous Weekly Low	0.9661
Previous Monthly High	1.0009
Previous Monthly Low	0.9646
Daily Fibonacci 38.2%	0.9704
Daily Fibonacci 61.8%	0.9719
Daily Pivot Point S1	0.9669
Daily Pivot Point S2	0.9642
Daily Pivot Point S3	0.9604
Daily Pivot Point R1	0.9734
Daily Pivot Point R2	0.9772
Daily Pivot Point R3	0.9799

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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