USD/CHF Price Analysis: Bulls struggle to keep the reins around 0.9400


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  • USD/CHF keeps the previous day’s recovery moves around multi-day top.
  • Overbought RSI, key Fibonacci retracement level test buyers.
  • Bullish chart, 21-day SMA challenge sellers’ entry, 50% Fibonacci retracement can entertain sellers.

USD/CHF holds steady around 0.9395 while keeping the previous days upside during the pre-European session trading on Tuesday.

In doing so, USD/CHF justifies overbought RSI and fears of fading the upside momentum before hitting the key hurdle, namely 61.8% Fibonacci retracement level of March 2020 to January 2021 downside.

While the pullback moves can eyes 50% Fibonacci retracement level of 0.9330, any further weakness will be challenged by 21-day SMA and two-month-old rising channel formation’s support, around 0.9295. Also highlighting the importance of the 0.9295 support level is the September 2020 top.

Alternatively, USD/CHF buyers will look for a fresh 8.5-month high before attacking the key Fibonacci hurdle to the north, close to 0.9465.

It should, however, be noted that the pair’s upside past-0.9465 will be tamed by the said channel’s resistance line surrounding 0.9600.

USD/CHF daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 0.9395
Today Daily Change 0.0001
Today Daily Change % 0.01%
Today daily open 0.9394
 
Trends
Daily SMA20 0.9292
Daily SMA50 0.909
Daily SMA100 0.9018
Daily SMA200 0.9106
 
Levels
Previous Daily High 0.9405
Previous Daily Low 0.937
Previous Weekly High 0.9418
Previous Weekly Low 0.9223
Previous Monthly High 0.9102
Previous Monthly Low 0.8871
Daily Fibonacci 38.2% 0.9392
Daily Fibonacci 61.8% 0.9383
Daily Pivot Point S1 0.9375
Daily Pivot Point S2 0.9355
Daily Pivot Point S3 0.934
Daily Pivot Point R1 0.9409
Daily Pivot Point R2 0.9424
Daily Pivot Point R3 0.9444

 

 

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