USD/CHF Price Analysis: Keeps bounce off yearly support around mid-0.8900s

USD/CHF snaps four-day downtrend but lacks upside momentum.
Two-month-old falling trend line, 50-day EMA adds to the upside filters.

Anil Panchal FXStreet

USD/CHF consolidates the latest losses around 0.8960, up 0.05% intraday, as European traders brace for Brussels’ bell on Thursday.

In doing so, the quote keeps the previous day’s U-turn from the lowest since February 17 even as the Momentum line struggles in the negative territory.

Hence, the pair’s upside momentum needs further strength, which in turn seeks a clear break of May 10 low of 0.8985 for confirmation.

It should, however, be noted that a downward sloping trend line from mid-April and 50-day EMA, respectively around 0.9030 and 0.9060, preceded by the 0.9000 threshold, also test the USD/CHF bulls.

Meanwhile, USD/CHF sellers have a tough task on hand, to break the 0.8925-15 support zone, before extending the south-run from April.

Also acting as the challenges for the pair bears, below 0.8915, are lows marked during February and late April, around 0.8870 and 0.8840 in that order.

USD/CHF daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.896
Today Daily Change	0.0004
Today Daily Change %	0.04%
Today daily open	0.8956

Trends
Daily SMA20	0.8991
Daily SMA50	0.9104
Daily SMA100	0.9108
Daily SMA200	0.9072

Levels
Previous Daily High	0.8972
Previous Daily Low	0.8926
Previous Weekly High	0.9054
Previous Weekly Low	0.8947
Previous Monthly High	0.9165
Previous Monthly Low	0.893
Daily Fibonacci 38.2%	0.8944
Daily Fibonacci 61.8%	0.8954
Daily Pivot Point S1	0.8931
Daily Pivot Point S2	0.8906
Daily Pivot Point S3	0.8885
Daily Pivot Point R1	0.8976
Daily Pivot Point R2	0.8997
Daily Pivot Point R3	0.9022

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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