• USD/CHF fails to extend the corrective pullback from two-month low.
  • Bearish MACD signals, sustained break of previously key support line favor sellers.
  • 21-EMA adds strength 0.9690 hurdle, 100-EMA offers immediate support.

USD/CHF remains pressured around 0.9580, after declining for the last two weeks, as it fades bounce off the 61.8% Fibonacci retracement level of April-May upside. In doing so, the Swiss currency (CHF) pair eyes to refresh the two-month low during Monday’s initial Asian session.

Not only the failures to rebound but the bearish MACD signals and successful trading below the support-turned-resistance line from late March also keep sellers hopeful.

That said, the 100-EMA level of 0.9560 appears to restrict the short-term USD/CHF downside ahead of the aforementioned key Fibonacci retracement (Fibo.) level near 0.9525.

In a case where the quote drop below 0.9525, March’s high near 0.9460 will be important to watch as a break of which won’t hesitate to direct bears towards refreshing a three-month low, currency around 0.9195.

On the contrary, recovery remains elusive until the quote stays below the confluence of the 21-EMA and the previous support line from March, around 0.9690.

It’s worth noting, however, that the 50% Fibo. near 0.9630 restricts the immediate upside of the USD/CHF pair.

Should the pair rise past 0.9690, the 0.9700 and the 38.2% Fibonacci retracement level around 0.9730 could challenge the upside momentum.

USD/CHF: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 0.9582
Today Daily Change 0.0001
Today Daily Change % 0.01%
Today daily open 0.9581
 
Trends
Daily SMA20 0.9718
Daily SMA50 0.9731
Daily SMA100 0.9506
Daily SMA200 0.9362
 
Levels
Previous Daily High 0.9633
Previous Daily Low 0.9522
Previous Weekly High 0.9713
Previous Weekly Low 0.9522
Previous Monthly High 1.0064
Previous Monthly Low 0.9545
Daily Fibonacci 38.2% 0.9564
Daily Fibonacci 61.8% 0.959
Daily Pivot Point S1 0.9524
Daily Pivot Point S2 0.9467
Daily Pivot Point S3 0.9413
Daily Pivot Point R1 0.9635
Daily Pivot Point R2 0.969
Daily Pivot Point R3 0.9746

 

 

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