USD/CHF Price Analysis: Approaching an important support level at 0.9590/95

USD/CHF increased bearish momentum after breaking below the triangle support line at 0.9650.
The next target for the bears is now May 1 low at 0.9590.

Guillermo Alcala FXStreet

The bearish pressure on the US dollar increased on Thursday after USD/CHF broke below the bottom line of the last two months’ triangle pattern at 0.9650 area. The pair has extended losses on Friday, reaching levels near the last 2 ½-month lows, at 0.9590 with the market on a risk-off tone, awaiting US President Trump’s conference on China.

A convincing move below the mentioned 0.9590 (May 1 low) might encourage sellers to push the pair towards 0.9545 (50% retracement of March’s rally) on its way to March 27 low at 0.9500.

On the flip side, the USD/CHF should move back above the broken trendline support, now at 0.9660, to ease bearish pressure and attack the 50- and 100-day SMAs, at 0.9685/0.9700 before trendline resistance at 0.9730.

USD/CHF daily chart

USD/CHF key levels to watch

USD/CHF

Overview
Today last price	0.9618
Today Daily Change	-0.0024
Today Daily Change %	-0.25
Today daily open	0.9642

Trends
Daily SMA20	0.9698
Daily SMA50	0.9701
Daily SMA100	0.9685
Daily SMA200	0.9783

Levels
Previous Daily High	0.9719
Previous Daily Low	0.9631
Previous Weekly High	0.9761
Previous Weekly Low	0.9638
Previous Monthly High	0.9803
Previous Monthly Low	0.9595
Daily Fibonacci 38.2%	0.9665
Daily Fibonacci 61.8%	0.9685
Daily Pivot Point S1	0.9608
Daily Pivot Point S2	0.9575
Daily Pivot Point S3	0.952
Daily Pivot Point R1	0.9697
Daily Pivot Point R2	0.9752
Daily Pivot Point R3	0.9786

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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