USD/CHF Price Analysis: Bounces off 1.5-month low, not out of the woods

USD/CHF wavers around intraday high following its U-turn from September 01 low.
Multiple joints of the key EMAs and technical levels marked during the month probe the recovery moves.
Fresh selling can aim for 0.9000 psychological magnet.

Anil Panchal FXStreet

USD/CHF takes round to the day’s top of 0.9070, currently around 0.9068, while heading into the European session on Thursday. In doing so, the pair nurses the previous day’s losses that dragged it to the multi-day low.

While bullish MACD suggests the pair’s further pullback, strong upside barriers are likely to probe the USD/CHF buyers going forward.

Among them, the first will be a confluence of 100-hour EMA and October 12 low near 0.9086/87, a break of which will direct the pair towards a joint of Tuesday’s high and 200-hour EMA surrounding 0.9105/10.

It should be noted that the 61.8% Fibonacci retracement of October 08 to 21 downside, close to 0.9135, offers an additional upside hurdle to the USD/CHF prices before empowering an upside towards the weekly high of 0.9165.

Alternatively, 0.9050 and 0.9030 can offer immediate supports during the quote’s fresh downside ahead of the August month’s low, also the lowest since early 2015, near 0.8998.

USD/CHF hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.9069
Today Daily Change	13 pips
Today Daily Change %	0.14%
Today daily open	0.9056

Trends
Daily SMA20	0.9163
Daily SMA50	0.913
Daily SMA100	0.9248
Daily SMA200	0.9465

Levels
Previous Daily High	0.9072
Previous Daily Low	0.9031
Previous Weekly High	0.9163
Previous Weekly Low	0.9088
Previous Monthly High	0.9296
Previous Monthly Low	0.8999
Daily Fibonacci 38.2%	0.9046
Daily Fibonacci 61.8%	0.9056
Daily Pivot Point S1	0.9034
Daily Pivot Point S2	0.9012
Daily Pivot Point S3	0.8993
Daily Pivot Point R1	0.9074
Daily Pivot Point R2	0.9093
Daily Pivot Point R3	0.9115

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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