USD/CHF Price Analysis: Bears will keep eyes on support trendline from 2015

USD/CHF remains on the back foot despite recovering off-late.
61.8% of Fibonacci retracement will be on the sellers’ radars.
Buyers are less likely to take the risk unless revisiting early-2020 levels.

Anil Panchal FXStreet

USD/CHF registers 1.36% loss to 0.9260 while heading into the European open on Monday. The pair earlier dropped below the longer-term support line, stretched from May 2015, but fails to stay beneath the same off-late.

As a result, the bears will await a sustained fall below the 0.9260/55 support-zone to aim for 61.8% Fibonacci retracement of the 2015-16 upside, at 0.9115.

During the quote’s additional downside below 0.9115, May 2015 low near 0.9070 and 0.9000 will lure the bears.

On the upside, 50% Fibonacci retracement level of 0.9350 and September 2018 bottom close to 0.9540 can curb the short-term bounce.

However, buyers will remain a sceptic of any run-up below January month low near 0.9615.

USD/CHF weekly chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.9262
Today Daily Change	-126 pips
Today Daily Change %	-1.34%
Today daily open	0.9388

Trends
Daily SMA20	0.9713
Daily SMA50	0.9705
Daily SMA100	0.9797
Daily SMA200	0.9836

Levels
Previous Daily High	0.9468
Previous Daily Low	0.9318
Previous Weekly High	0.9656
Previous Weekly Low	0.9318
Previous Monthly High	0.9851
Previous Monthly Low	0.9609
Daily Fibonacci 38.2%	0.9375
Daily Fibonacci 61.8%	0.9411
Daily Pivot Point S1	0.9315
Daily Pivot Point S2	0.9241
Daily Pivot Point S3	0.9165
Daily Pivot Point R1	0.9465
Daily Pivot Point R2	0.9541
Daily Pivot Point R3	0.9615

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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