USD/CHF Price Analysis: Bounces off 10-DMA as bulls approach 0.9800

USD/CHF pares the biggest daily loss in 15 weeks, snaps two-day downtrend.
Firmer oscillators, rebound from 10-DMA direct buyers towards 61.8% Fibonacci retracement.
Two-week-old ascending trend line adds to the downside filters.
Descending trend line from mid-May acts as the key upside hurdle.

Anil Panchal FXStreet

USD/CHF picks up bids to refresh intraday high around 0.9790 during Thursday’s Asian session while printing the first daily gain in three. In doing so, the Swiss currency (CHF) pair rebounds from the 10-DMA, as well as the weekly low, to pare the biggest slump since mid-June.

The pair’s sustained bounce off the 10-DMA support and the firmer RSI, not overbought, joins the bullish MACD signals to direct buyers toward the 61.8% Fibonacci retracement of the May-August downside, near the 0.9800 threshold.

Following that, tops marked in early September and July, around 0.9870 and 0.9885 respectively, will challenge the pair’s upside momentum.

If at all the USD/CHF bulls keep reins past 0.9885, a downward sloping resistance line from May, around 0.9930, could act as the last defense of the pair sellers.

Meanwhile, a downside break of the 10-DMA support of 0.9758 won’t be a welcome card for the USD/CHF sellers as a 12-day-old support line, close to 0.9725 by the press time, will test the declines.

Overall, USD/CHF is likely to remain firmer but the upside appears limited.

USD/CHF: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.9782
Today Daily Change	0.0019
Today Daily Change %	0.19%
Today daily open	0.9763

Trends
Daily SMA20	0.9726
Daily SMA50	0.9641
Daily SMA100	0.9684
Daily SMA200	0.9506

Levels
Previous Daily High	0.9966
Previous Daily Low	0.9746
Previous Weekly High	0.9851
Previous Weekly Low	0.962
Previous Monthly High	0.9808
Previous Monthly Low	0.9371
Daily Fibonacci 38.2%	0.983
Daily Fibonacci 61.8%	0.9882
Daily Pivot Point S1	0.9684
Daily Pivot Point S2	0.9605
Daily Pivot Point S3	0.9464
Daily Pivot Point R1	0.9904
Daily Pivot Point R2	1.0045
Daily Pivot Point R3	1.0124

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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