USD/CHF Price Analysis: Bears hold the baton despite recent recovery

USD/CHF stays beyond 23.6% Fibonacci retracement but fails to clear a fortnight-long falling trend line.
200-bar SMA, 61.8% Fibonacci retracement add to resistance.

Anil Panchal FXStreet

USD/CHF pierces 0.9700 by the press time of early Tuesday. The pair have recently been recovering but a downward sloping trend line since January 16 caps immediate upside.

Even if the buyers cross 0.9715 resistance line, 200-bar SMA and 61.8% Fibonacci retracement of its December 24, 20119 to January 16, 2020 fall, near 0.9735 and 0.9750 respectively, could challenge the bulls.

In a case where the USD/CHF prices rally beyond 0.9750, January 10 top surrounding 0.9765 could challenge further upside.

Meanwhile, 23.6% Fibonacci retracement, at 0.9665, holds the key to pair’s declines towards the monthly bottom of 0.9613 and then to 0.9600 round-figure.

USD/CHF four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.9704
Today Daily Change	9 pips
Today Daily Change %	0.09%
Today daily open	0.9695

Trends
Daily SMA20	0.9694
Daily SMA50	0.9798
Daily SMA100	0.9861
Daily SMA200	0.9896

Levels
Previous Daily High	0.972
Previous Daily Low	0.9681
Previous Weekly High	0.973
Previous Weekly Low	0.9661
Previous Monthly High	1.0009
Previous Monthly Low	0.9646
Daily Fibonacci 38.2%	0.9696
Daily Fibonacci 61.8%	0.9705
Daily Pivot Point S1	0.9677
Daily Pivot Point S2	0.966
Daily Pivot Point S3	0.9638
Daily Pivot Point R1	0.9716
Daily Pivot Point R2	0.9738
Daily Pivot Point R3	0.9755

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.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.