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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 price0.9744
Today Daily Change8 pips
Today Daily Change %0.08%
Today daily open0.9736
 
Trends
Daily SMA200.9692
Daily SMA500.9763
Daily SMA1000.9845
Daily SMA2000.9878
 
Levels
Previous Daily High0.9748
Previous Daily Low0.9678
Previous Weekly High0.9768
Previous Weekly Low0.9629
Previous Monthly High0.9768
Previous Monthly Low0.9613
Daily Fibonacci 38.2%0.9721
Daily Fibonacci 61.8%0.9705
Daily Pivot Point S10.9693
Daily Pivot Point S20.9651
Daily Pivot Point S30.9623
Daily Pivot Point R10.9763
Daily Pivot Point R20.9791
Daily Pivot Point R30.9833

Author

Anil Panchal

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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