USD/CHF Price Analysis: Drops below 0.9450, further weakness expected

USD/CHF slips past-61.8% Fibonacci retracement of the early-Monday rise.
A short-term falling trend channel keeps the sellers hopeful.
Buyers aim for 0.9485 on defying the bullish formation.

Anil Panchal FXStreet

USD/CHF remains on the back foot around 0.9440, down 0.10 on a day, during the pre-European session on Wednesday. In doing so, the quote declines below 61.8% Fibonacci retracement of June 11-12 upside while also staying inside a two-day-old descending channel formation.

Considering the pair’s break of the key Fibonacci retracement, as well as channel pattern, the bears seem firming up their grips to refresh the weekly low under 0.9420.

However, downward sloping RSI and support line of the said channel might restrict the pair’s further declines around 0.9400.

Meanwhile, buyers are less likely to enter unless the quote defies the channel by surging past-0.9455. Following that, last Wednesday's low near 0.9485 might be their immediate favorite.

During the quote’s further upside beyond 0.9485, 0.9500 and Friday top near 0.9530 could lure the optimists.

USD/CHF hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.944
Today Daily Change	-9 pips
Today Daily Change %	-0.10%
Today daily open	0.9449

Trends
Daily SMA20	0.9545
Daily SMA50	0.9641
Daily SMA100	0.9658
Daily SMA200	0.9752

Levels
Previous Daily High	0.9494
Previous Daily Low	0.942
Previous Weekly High	0.9547
Previous Weekly Low	0.9464
Previous Monthly High	0.9784
Previous Monthly Low	0.9589
Daily Fibonacci 38.2%	0.9449
Daily Fibonacci 61.8%	0.9466
Daily Pivot Point S1	0.9415
Daily Pivot Point S2	0.9381
Daily Pivot Point S3	0.9342
Daily Pivot Point R1	0.9488
Daily Pivot Point R2	0.9528
Daily Pivot Point R3	0.9561

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.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.