USD/CHF Price Analysis: Hovers below 23.6% Fibonacci retracement, trades near 0.8870

USD/CHF has lost more than 100 pips in the previous session.
MACD indicates a slower pace of the prevailing bearish trend.
The major level at 0.8900 appears as the immediate resistance lined up with the 23.6% Fibonacci retracement.

Akhtar Faruqui FXStreet

USD/CHF lost more than 100 pips in the previous session, due to the downbeat US inflation data. The USD/CHF pair extends the losses, trading near 0.8870 during the European session on Wednesday.

A decisive break below the latter could push the USD/CHF pair to reach the support region near 0.8800 psychological level lined up with September’s low at 0.8795.

The technical indicators for the USD/CHF pair reveal a bearish outlook. The 14-day Relative Strength Index (RSI) below the 50 level indicates downward pressure, signaling a bearish momentum and reflecting a weaker market sentiment.

On the upside, the psychological level at 0.8900 appears as the immediate resistance, followed by the 23.6% Fibonacci retracement at 0.8922. A firm break above the level could inspire the USD/CHF pair to explore the next resistance around the 50-day Exponential Moving Average (EMA) at 0.8986.

Moreover, the Moving Average Convergence Divergence (MACD) line, although below the centerline, is positioned above the signal line. This suggests a somewhat tepid momentum in the USD/CHF pair, indicating a less pronounced bearish sentiment.

USD/CHF: Daily Chart

USD/CHF: other technical levels to watch

Overview
Today last price	0.8871
Today Daily Change	-0.0013
Today Daily Change %	-0.15
Today daily open	0.8884

Trends
Daily SMA20	0.8993
Daily SMA50	0.9024
Daily SMA100	0.8902
Daily SMA200	0.8997

Levels
Previous Daily High	0.9028
Previous Daily Low	0.888
Previous Weekly High	0.9046
Previous Weekly Low	0.8954
Previous Monthly High	0.9244
Previous Monthly Low	0.8888
Daily Fibonacci 38.2%	0.8937
Daily Fibonacci 61.8%	0.8972
Daily Pivot Point S1	0.8833
Daily Pivot Point S2	0.8782
Daily Pivot Point S3	0.8685
Daily Pivot Point R1	0.8982
Daily Pivot Point R2	0.9079
Daily Pivot Point R3	0.913

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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