- USD/CHF consolidates the biggest daily losses in seven weeks.
- Steady RSI, sustained break of the key support line, 61.8% Fibonacci retracement favor sellers.
- Bears eye five-month-old horizontal support line, buyers have a long and bumpy road ahead.
USD/CHF pares the heaviest daily losses since late November around 0.9145 heading into Thursday’s European session.
The Swiss currency (CHF) pair remains near the lowest levels in over a week while keeping the previous day’s downside break of monthly support line, now resistance near 0.9230, as well as 61.8% Fibonacci retracement (Fibo.) of August-November upside, at 0.9155.
Given the steady RSI and a lack of decisive momentum signals from MACD, the USD/CHF prices are likely to remain pressured until crossing the 0.9155 immediate hurdle.
Even if the quote rise past 0.9155, 50% Fibo. level near the 0.9200 threshold, will challenge the pair buyers before directing them to the support-turned-resistance line surrounding 0.9230.
During the USD/CHF run-up beyond 0.9230, the monthly high of 0.9278 will be in focus.
Alternatively, a horizontal line since August 17, around 0.9100, stays on the USD/CHF bear’s radar.
Following that, August month’s low near 0.9020 and the 0.9000 psychological magnet will gain the seller’s attention.
USD/CHF: Daily chart
Trend: Further weakness expected
Additional important levels
|Today last price||0.9145|
|Today Daily Change||0.0007|
|Today Daily Change %||0.08%|
|Today daily open||0.9138|
|Previous Daily High||0.9244|
|Previous Daily Low||0.913|
|Previous Weekly High||0.9232|
|Previous Weekly Low||0.9113|
|Previous Monthly High||0.9295|
|Previous Monthly Low||0.9102|
|Daily Fibonacci 38.2%||0.9174|
|Daily Fibonacci 61.8%||0.9201|
|Daily Pivot Point S1||0.9097|
|Daily Pivot Point S2||0.9056|
|Daily Pivot Point S3||0.8983|
|Daily Pivot Point R1||0.9212|
|Daily Pivot Point R2||0.9285|
|Daily Pivot Point R3||0.9326|
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