USD/CHF Price Analysis: Bearish MACD checks buyers above 61.8% Fibonacci retracement

USD/CHF struggles for direction after clearing key upside barriers, now supports.
Overbought RSI conditions limit upside beyond 0.9735.

Anil Panchal FXStreet

A sustained break of 200-HMA and key Fibonacci retracement fails to propel USD/CHF moves as it remains mostly unchanged around 0.9725 ahead of Wednesday’s European session.

The reason could be spotted in overbought RSI and bearish MACD. As a result, sellers look for entry below 200-HMA level of 0.9708. However, 61.8% Fibonacci retracement of April 24-May 01 fall, near 0.9720, acts as the immediate support.

During the pair’s declines below 0.9708, the monthly support line around 0.9675 can lure the bears.

On the upside, 0.9735 restricts the further advances to 0.9770 and 0.9800 round-figure. It should also be noted that a sustained run-up beyond 0.9800 enables the bulls to aim for the March month top surrounding 0.9900.

USD/CHF hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.9725
Today Daily Change	-1 pips
Today Daily Change %	0.01%
Today daily open	0.9726

Trends
Daily SMA20	0.969
Daily SMA50	0.9648
Daily SMA100	0.9693
Daily SMA200	0.979

Levels
Previous Daily High	0.9735
Previous Daily Low	0.9646
Previous Weekly High	0.98
Previous Weekly Low	0.9589
Previous Monthly High	0.9803
Previous Monthly Low	0.9595
Daily Fibonacci 38.2%	0.9701
Daily Fibonacci 61.8%	0.968
Daily Pivot Point S1	0.967
Daily Pivot Point S2	0.9613
Daily Pivot Point S3	0.9581
Daily Pivot Point R1	0.9759
Daily Pivot Point R2	0.9791
Daily Pivot Point R3	0.9848

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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