USD/CHF Price Analysis: Heavy inside two-week-old ascending channel


  • USD/CHF snaps two-day winning streak, reversed from monthly resistance line.
  • Buyers will remain hopeful unless the channel’s support breaks.
  • 50% and 38.2% of Fibonacci retracements could offer intermediate halts during the declines.

USD/CHF declines to 0.9728, -0.11%, by the press time of early Thursday. The pair recently reversed from an ascending trend line since December 29, 2019. Even so, it stays inside the short-term bullish technical formation.

Considering the pair’s latest pullback form the key resistance, sellers can target 50% and 38.2% of Fibonacci retracements of the pair’s declines between December 24, 2019, and January 16, 2020, around 0.9720 and 0.9700 respectively.

However, the channel’s support line, at 0.9690, could restrict further declines, if not then 0.9660 and 0.9613 can offer intermediate halts during the fall to 0.9600.

On the flip side, the aforementioned resistance line and the said channel’s upper line could restrict the pair’s short-term recovery near 0.9770/75.

In a case where the bulls dominate beyond 0.9775, 0.9800 and 0.9825 will flash on their radars.

USD/CHF four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 0.9729
Today Daily Change -11 pips
Today Daily Change % -0.11%
Today daily open 0.974
 
Trends
Daily SMA20 0.9699
Daily SMA50 0.9791
Daily SMA100 0.9857
Daily SMA200 0.9891
 
Levels
Previous Daily High 0.9768
Previous Daily Low 0.9725
Previous Weekly High 0.973
Previous Weekly Low 0.9661
Previous Monthly High 1.0009
Previous Monthly Low 0.9646
Daily Fibonacci 38.2% 0.9752
Daily Fibonacci 61.8% 0.9741
Daily Pivot Point S1 0.9721
Daily Pivot Point S2 0.9701
Daily Pivot Point S3 0.9678
Daily Pivot Point R1 0.9764
Daily Pivot Point R2 0.9787
Daily Pivot Point R3 0.9807

 

 

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