USD/CHF Price Analysis: Pressured below 100-HMA, short-term resistance line

USD/CHF extends gradual declines from the monthly top marked the last-Monday.
A descending trend line support, 61.8% Fibonacci retracement may offer intermediate rests during the downside.
0.9745/50 can act as a buffer resistance beyond 100-HMA.

Anil Panchal FXStreet

USD/CHF remains under pressure while taking rounds to 0.9655, down 0.05% on a daily, amid the early trading session on Monday.

The pair currently tests 50% Fibonacci retracement of its upside from March 27 to April 06. However, a descending trend line from last-Monday, at 0.9685, followed by a 100-HMA level of 0.9693, restricts the pair’s recovery moves.

Should there be a clear upside past-0.9693, the pair can cross 0.9700 mark to aim for 0.9745/50 area comprising multiple lows/highs marked during early-April.

Meanwhile, a downward sloping trend line from April 03, around 0.9620 now, can restrict the pair’s immediate declines ahead of 61.8% Fibonacci retracement level of 0.9615.

It’s worth mentioning that the pair’s declines below 0.9615 will need validation from 0.9600 round-figure before targeting 0.9550 and March 29 low near 0.9500.

USD/CHF hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.9655
Today Daily Change	-4 pips
Today Daily Change %	-0.04%
Today daily open	0.9659

Trends
Daily SMA20	0.9697
Daily SMA50	0.9676
Daily SMA100	0.9728
Daily SMA200	0.9806

Levels
Previous Daily High	0.9678
Previous Daily Low	0.9641
Previous Weekly High	0.9798
Previous Weekly Low	0.9641
Previous Monthly High	0.9902
Previous Monthly Low	0.9183
Daily Fibonacci 38.2%	0.9655
Daily Fibonacci 61.8%	0.9664
Daily Pivot Point S1	0.9641
Daily Pivot Point S2	0.9622
Daily Pivot Point S3	0.9604
Daily Pivot Point R1	0.9678
Daily Pivot Point R2	0.9697
Daily Pivot Point R3	0.9715

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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