- USD/CHF registers four-day winning streak, nears one-week high.
- A falling trend line since December 25, seven-week-old horizontal resistance limits the immediate upside.
- Overbought RSI conditions increase the odds of a pullback.
USD/CHF remains mildly positive while gaining 0.07% to 0.9745 amid the pre-Europe session on Thursday. Overbought RSI conditions, coupled with multiple key resistance lines, question the pair’s further upside.
As a result, sellers will look for entry below 38.2% Fibonacci retracement of the pair’s declines from December 06, 2020, to January low, at 0.9730. In doing so, an ascending trend line since Monday, at 0.9700, will be on their radars.
During the quote’s further weakness past-0.9700, 0.9630/25 will be the key support to watch.
On the upside, a downward sloping trendline from late-December at 0.9755, followed by a horizontal area including December 19 low and January 29 high, around 0.9770/65, will be the key barrier to the north.
Also questioning the buyers beyond the horizontal resistance will be 61.8% Fibonacci retracement level of 0.9800.
USD/CHF four-hour chart
Trend: Pullback expected
Additional important levels
|Today last price||0.9744|
|Today Daily Change||8 pips|
|Today Daily Change %||0.08%|
|Today daily open||0.9736|
|Previous Daily High||0.9748|
|Previous Daily Low||0.9678|
|Previous Weekly High||0.9768|
|Previous Weekly Low||0.9629|
|Previous Monthly High||0.9768|
|Previous Monthly Low||0.9613|
|Daily Fibonacci 38.2%||0.9721|
|Daily Fibonacci 61.8%||0.9705|
|Daily Pivot Point S1||0.9693|
|Daily Pivot Point S2||0.9651|
|Daily Pivot Point S3||0.9623|
|Daily Pivot Point R1||0.9763|
|Daily Pivot Point R2||0.9791|
|Daily Pivot Point R3||0.9833|
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