USD/CHF Price Analysis: Corrective pullback needs validation from 0.9030

USD/CHF extends previous week’s recovery moves, keeps monthly trend line breakout.
21-day SMA, 61.8% Fibonacci retracement of January-April upside tests bulls.
Sellers have a bumpy road towards the yearly bottom.

Anil Panchal FXStreet

USD/CHF stays firmer around 0.9000 threshold, up 0.07% intraday, during Monday’s Asian session.

The Swiss currency pair’s U-turn from February 17 low, marked the last Tuesday, crossed a downward sloping trend line from May 05.

Although the Momentum line joins the trend line breakout to favor USD/CHF buyers, a convergence of 21-day SMA and the key Fibonacci retracement level near 0.9030 becomes the key hurdle to the pair’s further upside.

It’s worth mentioning that the bulls’ dominance past 0.9030 could aim for the previous month’s low near 0.9080. However, 50% Fibonacci retracement level and the support-turned-resistance line, respectively around 0.9115 and 0.9155, could challenge any extra rise.

On the flip side, pullback moves may take a rest on the short-term support, previous resistance, near 0.8970, ahead of highlighting the monthly low near 0.8930.

During the quote’s weakness below 0.8930, multiple rest-points near 0.8920 and 0.8870-75 might act as intermediate halts before directing USD/CHF bears to the yearly bottom of 0.8757.

USD/CHF daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.9005
Today Daily Change	7 pips
Today Daily Change %	0.08%
Today daily open	0.8998

Trends
Daily SMA20	0.9028
Daily SMA50	0.9166
Daily SMA100	0.91
Daily SMA200	0.9076

Levels
Previous Daily High	0.903
Previous Daily Low	0.8966
Previous Weekly High	0.903
Previous Weekly Low	0.893
Previous Monthly High	0.9473
Previous Monthly Low	0.908
Daily Fibonacci 38.2%	0.9006
Daily Fibonacci 61.8%	0.8991
Daily Pivot Point S1	0.8967
Daily Pivot Point S2	0.8935
Daily Pivot Point S3	0.8903
Daily Pivot Point R1	0.903
Daily Pivot Point R2	0.9062
Daily Pivot Point R3	0.9094

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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