- 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 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|
|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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