USD/CHF Price Analysis: Bears challenge 38.2% Fibonacci retracement


  • USD/CHF remains muted on Wednesday in the Asian trading hour.
  • Bears dominate the trade after the price slips below 20-day SMA.
  • Momentum oscillator tilts in favor of the bearish momentum.

USD/CHF trades with no clear direction in the Asian trading hours on Wednesday. The pair hovers in a very close trading range with no meaningful traction.

At the time of writing, USD/CHF is trading at 0.9144, up 0.01 % for the day.

USD/CHF daily chart

On the daily chart, the USD/CHF pair has fallen sharply from the highs of 0.9264 made on July 8. The pair took support near the 38.2% Fibonacci retracement, which extends from the lows of 0.8933, at 0.9140.

If price breaks the session’s low, it could test the first downside target at low of July 15 at 0.9117 followed by the 50.0% Fibonacci retracement at 0.9100.

The Moving Average Convergence Divergence (MACD) trades above the midline with a bearish crossover. The reading suggests that there is room for further downside to the low made on June 17 at 0.9075.

Alternatively, if the pair reverses direction, the first target for USD/CHF bulls could be found at the 20-hour Simple Moving Average (SMA) at 0.9191.

Next, the bulls would flex their muscle toward the July 21 high at 0.9231 followed by the 0.9250 horizontal resistance level.

USD/CHF additional levels

USD/CHF

Overview
Today last price 0.9144
Today Daily Change -0.0018
Today Daily Change % -0.20
Today daily open 0.9162
 
Trends
Daily SMA20 0.9195
Daily SMA50 0.9102
Daily SMA100 0.916
Daily SMA200 0.9074
 
Levels
Previous Daily High 0.9202
Previous Daily Low 0.9149
Previous Weekly High 0.9233
Previous Weekly Low 0.9155
Previous Monthly High 0.9262
Previous Monthly Low 0.8926
Daily Fibonacci 38.2% 0.9169
Daily Fibonacci 61.8% 0.9182
Daily Pivot Point S1 0.914
Daily Pivot Point S2 0.9117
Daily Pivot Point S3 0.9086
Daily Pivot Point R1 0.9194
Daily Pivot Point R2 0.9225
Daily Pivot Point R3 0.9247

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD remains bid and approaches 1.1650 after US data

The persevering selling pressure in the greenback helps EUR/USD advancing to the area of daily highs near 1.1650 on Friday. The data from the US showed on Friday that the economic activity in the private sector continued to expand at a robust pace in early October.

EUR/USD News

GBP/USD treads water near 1.3800 after mixed UK data

GBP/USD came under bearish pressure in the early European session after the data from the UK showed an unexpected contraction in September Retail Sales. However, the British pound managed to pare its losses with the Markit PMI figures surpassing analysts' estimates.

GBP/USD News

GBP/USD treads water near 1.3800 after mixed UK data

GBP/USD came under bearish pressure in the early European session after the data from the UK showed an unexpected contraction in September Retail Sales. However, the British pound managed to pare its losses with the Markit PMI figures surpassing analysts' estimates.

GBP/USD News

Traders swap Dogecoin for Shiba Inu on rumors of Robinhood listing

Shiba Inu coin reached over a million new traders through its listing on Novadax, Public.com and CoinFLEX. A crypto exchange offered traders "Flip DOGE for SHIB" and exchanged Dogecoins for Shiba Inu tokens. 

Read more

Apple talks over battery supplies for EV stall-Reuters

Apple (AAPL) is on a steady move higher ahead of results next week. We have had solid earnings from big names already such as Tesla (TSLA) and Netflix (NFLX), but Apple is the biggest one of all and will be the highlight of the earnings season for many.

Read more

Forex MAJORS

Cryptocurrencies

Signatures