USD/CHF Price Analysis: Retreats from key SMAs towards 0.9600

USD/CHF takes offers to refresh intraday low, extends pullback from 100-SMA, 200-SMA.
RSI retreat, sluggish MACD signals also keep sellers hopeful.
One-week-old ascending trend line challenges bears, short-term bullish channel keeps buyers hopeful.

Anil Panchal FXStreet

USD/CHF renews intraday low around 0.9610, keeping the previous day’s pullback from the key SMAs during early Monday morning in Europe.

Given the RSI retreat and the MACD line’s recent struggle, the USD/CHF prices are likely to extend the latest weakness towards the 0.9600 threshold.

However, a convergence of the one-week-old ascending trend channel’s support line and 23.6% Fibonacci retracement of the July 14 to August 02 downturn, close to 0.9570, could challenge the pair bears afterward.

In a case where USD/CHF sellers break the 0.9570 support, the odds of witnessing the fresh monthly low, currently around 0.9470 can’t be ruled out.

Alternatively, the 100-SMA and the 200-SMA limit the short upside moves of the pair respectively around 0.9635 and 0.9650.

During the quote’s run-up beyond 0.9650, the 50% Fibonacci retracement level and the upper line of the stated channel, close to 0.9680 and 0.9700 in that order, will be important to watch for the USD/CHF bulls.

Overall, USD/CHF is likely to consolidate recent gains inside a bullish chart pattern.

USD/CHF: Four-hour chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	0.9615
Today Daily Change	-0.0026
Today Daily Change %	-0.27%
Today daily open	0.9641

Trends
Daily SMA20	0.9665
Daily SMA50	0.968
Daily SMA100	0.9625
Daily SMA200	0.9423

Levels
Previous Daily High	0.965
Previous Daily Low	0.9539
Previous Weekly High	0.9652
Previous Weekly Low	0.9471
Previous Monthly High	0.9886
Previous Monthly Low	0.9502
Daily Fibonacci 38.2%	0.9608
Daily Fibonacci 61.8%	0.9582
Daily Pivot Point S1	0.957
Daily Pivot Point S2	0.9499
Daily Pivot Point S3	0.9459
Daily Pivot Point R1	0.9681
Daily Pivot Point R2	0.9721
Daily Pivot Point R3	0.9792

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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