USD/CHF Price Analysis: Bears aim for monthly trendline below 200-day SMA

USD/CHF remains on the back foot following its failure to sustain the break of 200-day SMA.
A confluence of 50% Fibonacci retracement, 21-day SMA offers strong support.
Bulls will seek entry above 0.9900.

Anil Panchal FXStreet

Having failed to extend its run-up beyond 200-day SMA, USD/CHF drops to 0.9790, down 0.25%, amid the early trading hours of Wednesday.

As a result, the quote currently drops towards an upward sloping trend line from March 03, near 0.9735, ahead of testing 61.8% Fibonacci retracement of November 2019 to March 2020 fall, around 0.9700.

However, a confluence of 21-day SMA and 50% Fibonacci retracement near 0.9600 could limit the pair’s further downside.

On the upside, 200-day SMA offers immediate resistance near 0.9815, a break of which can recall 0.9900 mark.

During the pair’s sustained rise above 0.9900, November 2019 top close to 1.0025 will be in focus.

USD/CHF daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.9797
Today Daily Change	-19 pips
Today Daily Change %	-0.19%
Today daily open	0.9816

Trends
Daily SMA20	0.9591
Daily SMA50	0.9678
Daily SMA100	0.976
Daily SMA200	0.9815

Levels
Previous Daily High	0.9852
Previous Daily Low	0.9719
Previous Weekly High	0.9901
Previous Weekly Low	0.9392
Previous Monthly High	0.9851
Previous Monthly Low	0.9609
Daily Fibonacci 38.2%	0.977
Daily Fibonacci 61.8%	0.9802
Daily Pivot Point S1	0.9739
Daily Pivot Point S2	0.9662
Daily Pivot Point S3	0.9606
Daily Pivot Point R1	0.9873
Daily Pivot Point R2	0.9929
Daily Pivot Point R3	1.0006

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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