USD/CHF Price Analysis: Bears take a breather around six-week low under 200-DMA

USD/CHF holds lower ground after breaking the key moving average.
Bearish MACD, sustained break of 200-DMA favor sellers.
61.8% Fibonacci retracement offers immediate support, mid-July low adds to the upside filters.

Anil Panchal FXStreet

USD/CHF picks up bids inside a less than 10-pip area surrounding 0.9050 during Friday’s Asian session. The major currency pair dropped to the lowest since June 16 the previous day after breaking 200-DMA.

Given the bearish MACD and a daily close below the key moving average, sellers are likely to keep the reins until witnessing a clear upside break of 90.75 comprising 200-DMA.

Even so, 50% Fibonacci retracement of January-April upside and July 15 low, around 0.9115, restricts the quote’s short-term advances.

If at all the USD/CHF bulls dominate past 0.9115, a downward sloping trend line from April, near 0.9210 will be a tough challenge for them.

Meanwhile, 61.8% Fibonacci retracement level of 0.9030 and the 0.9000 threshold could please the USD/CHF bears during the pair’s further downside.

However, an ascending support line from January, near 0.8980, should become a rest area for the sellers.

USD/CHF: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.9061
Today Daily Change	-0.0001
Today Daily Change %	-0.01%
Today daily open	0.9062

Trends
Daily SMA20	0.9175
Daily SMA50	0.9108
Daily SMA100	0.9155
Daily SMA200	0.9074

Levels
Previous Daily High	0.9101
Previous Daily Low	0.9054
Previous Weekly High	0.9233
Previous Weekly Low	0.9155
Previous Monthly High	0.9262
Previous Monthly Low	0.8926
Daily Fibonacci 38.2%	0.9072
Daily Fibonacci 61.8%	0.9083
Daily Pivot Point S1	0.9044
Daily Pivot Point S2	0.9026
Daily Pivot Point S3	0.8997
Daily Pivot Point R1	0.909
Daily Pivot Point R2	0.9119
Daily Pivot Point R3	0.9137

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.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.