• USD/CHF takes offers to refresh intraday low, snaps four-day uptrend near three-month high.
  • Overbought RSI, short-term resistance line direct sellers towards previous resistance line from July.
  • Bulls have a bumpy road to refresh the yearly high.

USD/CHF renews intraday low around 0.9910 as it prints the first daily loss in five during Tuesday’s Asian session.

In doing so, the Swiss currency (CHF) pair reverses from a downward sloping resistance line from May. Also adding strength to the corrective move could be the overbought RSI conditions.

With this, the quote is on the way to the resistance-turned-support line from July, around 0.9850. However, July’s peak of 0.9885 may probe the intraday sellers of the USD/CHF pair.

It should be noted, however, that the 61.8% Fibonacci retracement of the pair’s May-August downturn, near the 0.9800 threshold, could also test the bears before directing them toward the 100-DMA support level near 0.9685.

Alternatively, recovery moves need to cross the aforementioned resistance line, at 0.9950 by the press time, to recall the USD/CHF buyers.

Following that, the 1.0000 psychological magnet and multiple hurdles around 1.0050 can test the bulls before highlighting the yearly peak of 1.0065.

Overall, USD/CHF is likely to witness further downside but the bears are far from taking control.

USD/CHF: Daily chart

Trend: Limited weakness expected

Additional important levels

Overview
Today last price 0.991
Today Daily Change -0.0024
Today Daily Change % -0.24%
Today daily open 0.9934
 
Trends
Daily SMA20 0.9718
Daily SMA50 0.9635
Daily SMA100 0.9686
Daily SMA200 0.95
 
Levels
Previous Daily High 0.9966
Previous Daily Low 0.9794
Previous Weekly High 0.9851
Previous Weekly Low 0.962
Previous Monthly High 0.9808
Previous Monthly Low 0.9371
Daily Fibonacci 38.2% 0.99
Daily Fibonacci 61.8% 0.9859
Daily Pivot Point S1 0.983
Daily Pivot Point S2 0.9726
Daily Pivot Point S3 0.9658
Daily Pivot Point R1 1.0002
Daily Pivot Point R2 1.007
Daily Pivot Point R3 1.0174

 

 

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