- A softer US Dollar is weighing on the USD/CHF, down by almost 1%.
- A bearish-engulfing candle pattern exacerbated a fall of 200 pips in the USD/CHF.
- Short term, the USD/CHF is downward biased and might test 0.9300.
The USD/CHF dives sharply, extending its losses to two straight days, after reaching a new two-week high of 0..9600, nearby the 200-day Exponential Moving Average (EMA) at 0.9628. Failure to reclaim the former exacerbated a 200-pip fall. Therefore, the USD/CHF is trading at 0.9430, losing almost 1%.
USD/CHF Price Analysis: Technical outlook
The USD/CHF daily chart portrays the formation of a bearish-engulfing candle chart pattern formed with Monday and Tuesday’s USD/CHF price action. On Wednesday, the major continued its downward path, after printing a daily high of 0.9533, right at the 23.6 % Fibonacci retracement, defended by sellers, as shown by the USD/CHF plunging 100 pips. Even though the Relative Strength Index (RSI) followed suit, it turned flat in bearish territory, opening the door for consolidation.
In the short term, the USD/CHF collided with the 50-period Exponential Moving Average (EMA) around 0.9488, and a downslope trendline was drawn since the beginning of November. Hence, the US Dollar (USD) buyers unable to break above 0.9500 exposed the pair to selling pressure.
Therefore, the USD/CHF first support will be the 0.9400 figure, followed by the November 15 swing low at 0.9356. A decisive break will expose the 0.9300 figure. Upwards, the USD/CHF key resistance level lie at 0.9500, which, once cleared, could open the door towards 0.9600 and beyond.
USD/CHF Key Technical Levels
|Today last price||0.9434|
|Today Daily Change||-0.0084|
|Today Daily Change %||-0.88|
|Today daily open||0.9518|
|Previous Daily High||0.9596|
|Previous Daily Low||0.9509|
|Previous Weekly High||0.9558|
|Previous Weekly Low||0.9357|
|Previous Monthly High||1.0148|
|Previous Monthly Low||0.9781|
|Daily Fibonacci 38.2%||0.9542|
|Daily Fibonacci 61.8%||0.9563|
|Daily Pivot Point S1||0.9487|
|Daily Pivot Point S2||0.9455|
|Daily Pivot Point S3||0.94|
|Daily Pivot Point R1||0.9573|
|Daily Pivot Point R2||0.9628|
|Daily Pivot Point R3||0.966|
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