USD/CHF Price Analysis: Intraday positive move stalls near the 0.9590 confluence region

  • USD/CHF finds decent support near 0.9500 mark and snaps four days of losing streak.
  • The set-up warrants some caution before positioning for any further recovery move.

The USD/CHF pair found a decent support near the key 0.9500 psychological mark and staged a goodish recovery on the first day of a new trading week, snapping four consecutive days of losing streak.

The positive move lifted the pair to a short-term descending trend-channel breakpoint, turned resistance, which coincides with 50-hour SMA and 23.6% Fibonacci level of the 0.9902-0.9502 downfall.

The mentioned confluence region might now act as a key pivotal point for short-term traders, above which the recovery momentum could further get extended towards 38.2% Fibo., around mid-0.9600s.

Given that oscillators on 4-hourly/daily charts are yet to confirm bullish bias, neutral technical indicators on the 1-hourly chart warrant some caution before positioning for any further appreciating move.

Hence, it will be prudent to wait for some strong follow-through buying before confirming that the pair might have already bottomed out in the near-term and stalled the recent pullback from multi-month.

On the flip side, the 0.9500 mark might continue to protect the immediate downside, which if broken might be seen as a fresh trigger for bearish traders and set the stage for an extension of the downtrend.

USD/CHF 1-hourly chart


Technical levels to watch


Today last price 0.957
Today Daily Change 0.0068
Today Daily Change % 0.72
Today daily open 0.9502
Daily SMA20 0.9582
Daily SMA50 0.9677
Daily SMA100 0.975
Daily SMA200 0.9812
Previous Daily High 0.9656
Previous Daily Low 0.9502
Previous Weekly High 0.9902
Previous Weekly Low 0.9502
Previous Monthly High 0.9851
Previous Monthly Low 0.9609
Daily Fibonacci 38.2% 0.9561
Daily Fibonacci 61.8% 0.9597
Daily Pivot Point S1 0.9451
Daily Pivot Point S2 0.94
Daily Pivot Point S3 0.9297
Daily Pivot Point R1 0.9604
Daily Pivot Point R2 0.9707
Daily Pivot Point R3 0.9758



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