USD/CHF Price Analysis: Pressured towards two-month-old support line

USD/CHF remains lacklustre around February lows, poked earlier in the week.
Sustained trading below the key Fibonacci retracement, short-term SMA favor bears.

Anil Panchal FXStreet

USD/CHF stays on the backfoot, steady around 0.8970 of late, during early Friday.

The Swiss currency pair marked the heaviest drop in two weeks the previous day but couldn’t refresh the lowest levels since February 23, challenged on Tuesday.

Even so, the quote remains below 61.8% Fibonacci retracement of January-April upside, not to forget following 12-day-old resistance line and 21-day SMA amid sluggish MACD.

Given the quote’s sustained trading below the key hurdles and downbeat MACD, USD/CHF remains directed towards a falling trend line from late March, around 0.8930. However, the quote’s further downside will have multiple supports around 0.8920 and the 0.8900 round-figure.

On the contrary, recovery moves need to cross the early month low of 0.8957 before directing them to the 0.9000 psychological magnet.

In a case where USD/CHF bulls keep reins past-0.9000 mark, a confluence of short-term resistance line and 61.8% Fibonacci retracement level near 0.9030 will be the key to follow.

USD/CHF daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.8969
Today Daily Change	-5 pips
Today Daily Change %	-0.06%
Today daily open	0.8974

Trends
Daily SMA20	0.9072
Daily SMA50	0.9201
Daily SMA100	0.9091
Daily SMA200	0.9079

Levels
Previous Daily High	0.9048
Previous Daily Low	0.8973
Previous Weekly High	0.9094
Previous Weekly Low	0.8986
Previous Monthly High	0.9473
Previous Monthly Low	0.908
Daily Fibonacci 38.2%	0.9002
Daily Fibonacci 61.8%	0.9019
Daily Pivot Point S1	0.8949
Daily Pivot Point S2	0.8924
Daily Pivot Point S3	0.8874
Daily Pivot Point R1	0.9023
Daily Pivot Point R2	0.9072
Daily Pivot Point R3	0.9098

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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