• USD/CHF extends week-start pullback towards the monthly low.
  • Three-month-old horizontal area challenges sellers amid oversold RSI, 200-DMA restricts buyer’s entry.
  • 61.8% and 78.6% Fibonacci retracement levels act as additional trading filters.

USD/CHF takes offers to refresh the weekly low near 0.9390 as sellers cheer the third consecutive daily fall heading into Thursday’s European session.

In doing so, the Swiss Franc (CHF) pair extends Tuesday‘s U-turn from 0.9600, as well as the previous day’s downside break of the 61.8% Fibonacci retracement level of January-November upside. That said, the bearish MACD signals add strength to the downside bias.

However, nearly oversold conditions of the Relative Strength Index (RSI), placed at 14, suggest limited downside room for the USD/CHF pair.

As a result, an area comprising lows marked during August and so far in November, around 0.9370-55, gains the major attention of the bears.

If at all the USD/CHF bears conquer the 0.9355 support, the 78.6% Fibonacci retracement level near 0.9310 and the 0.9300 round figure could act as additional downside filter to challenge the pair’s further declines.

On the contrary, March’s high of 0.9460 acts as an immediate upside hurdle for the USD/CHF bulls, a break of which could escalate the corrective bounce towards the 61.8% Fibonacci retracement level near 0.9500.

However, the pair buyers are likely to remain indecisive unless witnessing a clear upside break of the 200-DMA, around 0.9635, at the latest.

USD/CHF: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price 0.9392
Today Daily Change -0.0028
Today Daily Change % -0.30%
Today daily open 0.942
 
Trends
Daily SMA20 0.9727
Daily SMA50 0.9816
Daily SMA100 0.9731
Daily SMA200 0.9633
 
Levels
Previous Daily High 0.9533
Previous Daily Low 0.9412
Previous Weekly High 0.9558
Previous Weekly Low 0.9357
Previous Monthly High 1.0148
Previous Monthly Low 0.9781
Daily Fibonacci 38.2% 0.9459
Daily Fibonacci 61.8% 0.9487
Daily Pivot Point S1 0.9377
Daily Pivot Point S2 0.9334
Daily Pivot Point S3 0.9256
Daily Pivot Point R1 0.9498
Daily Pivot Point R2 0.9576
Daily Pivot Point R3 0.9619

 

 

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