- USD/CHF extends recovery from mid-January lows.
- A ten-week-old falling trend line, short-term horizontal resistance area will challenge the pair’s latest pullback.
- The pair’s break of yearly low can push the bears towards late-2018 lows.
USD/CHF takes the bids to 0.9700 during the pre-European session on Wednesday. That said, 21-day EMA limits the pair’s immediate upside amid the bullish MACD signals.
Even if the pair manages to clear the 0.9700 mark on a daily closing basis, a downward sloping trend line since November 29, at 0.9740, will stand tall to question the buyers.
Additionally, 0.9770/63 area including December 12, 2019, low and highs marked from January could keep a tab on the bulls past-0.9740.
Meanwhile, the last week’s low near 0.9660 and the yearly bottom surrounding 0.9613 can take rest around 0.9600 ahead of challenging September 2018 trough close to 0.9540.
USD/CHF daily chart
Trend: Pullback expected
Additional important levels
|Today last price||0.9696|
|Today Daily Change||6 pips|
|Today Daily Change %||0.06%|
|Today daily open||0.969|
|Previous Daily High||0.9705|
|Previous Daily Low||0.9653|
|Previous Weekly High||0.9768|
|Previous Weekly Low||0.9629|
|Previous Monthly High||0.9768|
|Previous Monthly Low||0.9613|
|Daily Fibonacci 38.2%||0.9685|
|Daily Fibonacci 61.8%||0.9673|
|Daily Pivot Point S1||0.966|
|Daily Pivot Point S2||0.9631|
|Daily Pivot Point S3||0.9608|
|Daily Pivot Point R1||0.9712|
|Daily Pivot Point R2||0.9735|
|Daily Pivot Point R3||0.9764|
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