USD/CHF Price Analysis: It has been a bearish week but the bears did not manage to take out the 0.9376 support

USD/CHF is trading 0.04% lower in thin volumes on Friday.
This could be the fourth consecutive daily lower close.

Rajan Dhall, MSTA FX Daily

USD/CHF daily chart

The daily chart below shows a clear bearish trend in USD/CHF. The price is now stuck near the channel low but there is a potential breakout toward the wave low of 0.9376. This could accelerate the downtrend further but on the upside, the psychological 0.95 level could be a target if there is to be a retracement.

On the bullish side, there has been many shadows (wicks) under the last few candles. A positive sign would be a break of the consolidation high of 0.9532. If the aforementioned level was to break then a test of the blue line just above 0.96 could be next up.

The MACD is bringing up mixed signals. The signal lines are below the mid-point but the histogram is green. Normally the signal lines are a more reliable indicator of trend and when the histogram opposes them it could just be a retracement. With this in mind watch out for the histogram breaking below into the red again for a trend continuation. The Relative Strength Index has pulled back above the overbought area. There is now some more space for a move lower but conversely, if the 50 level cracks keep an eye on upside targets.

Additional levels

USD/CHF

Overview
Today last price	0.945
Today Daily Change	-0.0003
Today Daily Change %	-0.03
Today daily open	0.9453

Trends
Daily SMA20	0.9495
Daily SMA50	0.961
Daily SMA100	0.9637
Daily SMA200	0.9737

Levels
Previous Daily High	0.9465
Previous Daily Low	0.9427
Previous Weekly High	0.9527
Previous Weekly Low	0.942
Previous Monthly High	0.9651
Previous Monthly Low	0.9376
Daily Fibonacci 38.2%	0.9441
Daily Fibonacci 61.8%	0.9451
Daily Pivot Point S1	0.9432
Daily Pivot Point S2	0.941
Daily Pivot Point S3	0.9393
Daily Pivot Point R1	0.947
Daily Pivot Point R2	0.9487
Daily Pivot Point R3	0.9509

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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