USD/CHF Price Analysis: Multiple upside barriers to check bulls amid overbought RSI


  • 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

Overview
Today last price 0.9744
Today Daily Change 8 pips
Today Daily Change % 0.08%
Today daily open 0.9736
 
Trends
Daily SMA20 0.9692
Daily SMA50 0.9763
Daily SMA100 0.9845
Daily SMA200 0.9878
 
Levels
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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