- 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
|Today last price||0.9395|
|Today Daily Change||0.0001|
|Today Daily Change %||0.01%|
|Today daily open||0.9394|
|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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