USD/CHF Price Analysis: Retreats from 50-EMA towards 0.8955 horizontal support


  • USD/CHF takes offers to extend the previous day’s pullback from one-week high.
  • Multiple levels marked since previous Wednesday restrict immediate downside of Swiss Franc pair.
  • Buyers have bumpy road to travel before taking control, 0.9040 is the key hurdle.

USD/CHF holds lower ground near the intraday bottom of near 0.8965 as it keeps the previous day’s U-turn from a one-week high during early Thursday. In doing so, the Swiss Franc (CHF) pair defends the U-turn from the 50-bar Exponential Moving Average (EMA).

Given the recently diminishing strength of the bullish MACD signals, as well as the quote’s repeated failures to cross the 50-EMA hurdle, the USD/CHF price is likely to decline further.

However, one-week-old horizontal support around 0.8955 restricts the immediate downside of the pair.

Following that, 0.8920 and the 0.8900 round figure may prod the USD/CHF bears before directing them to the multi-month low of around 0.8860 marked in the last week.

Should the quote remains bearish past 0.8860, it becomes vulnerable to visiting the 2021 bottom surrounding 0.8755. Though, the 0.8800 threshold may act as a buffer during the likely fall.

Meanwhile, an upside break of the 50-EMA hurdle of 0.8987 isn’t a blockbuster ticket for the USD/CHF buyers as a 13-day-old descending trend line and a downward-sloping trend line from early March, respectively near 0.8995 and 0.9030, could challenge the upside moves.

Even if the quote rises past 0.9030, the 100-SMA acts as the last defense of the USD/CHF bears before welcoming the bulls with open hands.

USD/CHF: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 0.8968
Today Daily Change -0.0007
Today Daily Change % -0.08%
Today daily open 0.8975
 
Trends
Daily SMA20 0.9069
Daily SMA50 0.9201
Daily SMA100 0.9237
Daily SMA200 0.9476
 
Levels
Previous Daily High 0.9003
Previous Daily Low 0.8958
Previous Weekly High 0.9114
Previous Weekly Low 0.886
Previous Monthly High 0.944
Previous Monthly Low 0.9072
Daily Fibonacci 38.2% 0.8986
Daily Fibonacci 61.8% 0.8975
Daily Pivot Point S1 0.8954
Daily Pivot Point S2 0.8934
Daily Pivot Point S3 0.8909
Daily Pivot Point R1 0.9
Daily Pivot Point R2 0.9024
Daily Pivot Point R3 0.9045

 

 

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