USD/CHF Price Analysis: 50-day SMA challenges further declines

USD/CHF trades near a three-week low.
Bearish MACD, failures to carry the latest recovery keep sellers hopeful, 50-day SMA acts as near-term key support.
200-day SMA, 61.8% Fibonacci retracement act as near-term key resistances.

Anil Panchal FXStreet

USD/CHF remains on the back foot around 0.9740, down 0.25%, during the initial trading session on Thursday. That said, the quote fails to carry the previous day’s recovery gains.

Even so, a 50-day SMA level of 0.9737 acts as the near-term key support stopping the sellers despite bearish MACD.

Should prices provide a daily closing below 0.9737, 23.6% Fibonacci retracement of the pair’s declines from November 2019 to January 2020, at 0.9709, can flash on the chart.

Assuming the USD/CHF pair’s extended weakness below 0.9709, 0.9700 round-figure and the yearly low surrounding 0.9650 will be in focus of the bears.

On the contrary, 50% Fibonacci retracement level around 0.9820, 200-day SMA figures of 0.9851 and 61.8% of Fibonacci retracement, at 0.9865, cap the pair’s short-term recovery.

USD/CHF daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.9742
Today Daily Change	-24 pips
Today Daily Change %	-0.25%
Today daily open	0.9766

Trends
Daily SMA20	0.9764
Daily SMA50	0.9738
Daily SMA100	0.9823
Daily SMA200	0.9853

Levels
Previous Daily High	0.9779
Previous Daily Low	0.9728
Previous Weekly High	0.9851
Previous Weekly Low	0.977
Previous Monthly High	0.9768
Previous Monthly Low	0.9613
Daily Fibonacci 38.2%	0.976
Daily Fibonacci 61.8%	0.9748
Daily Pivot Point S1	0.9736
Daily Pivot Point S2	0.9707
Daily Pivot Point S3	0.9686
Daily Pivot Point R1	0.9787
Daily Pivot Point R2	0.9808
Daily Pivot Point R3	0.9837

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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