- USD/CHF recedes from intraday high of 0.9465.
- Multiple Doji candlesticks around the key support line portray the traders’ indecision, Bearish MACD keeps sellers hopeful.
- 100-bar EMA, 61.8% Fibonacci retracement limits the pair’s near-term upside.
USD/CHF registers another pullback from 0.9465/64 area while declining to 0.9458 during the pre-European session on Thursday. While a short-term support line stretched from June 11 currently questions the sellers, bearish MACD signals and sustained trading below 100-bar EMA suggests further downside of the quote.
Hence, traders should wait for a clear downside break of the said support line, currently around 0.9455, to aim for June 23 low near 0.9420 and 0.9400 round-figures.
However, June month bottom near 0.9375 will be the tough nut to crack for the pair sellers past-0.9400.
Alternatively, short-term buyers will look for entries beyond the 100-bar EMA level of 0.9501. In doing so, the June-end top near 0.9533 and 61.8% Fibonacci retracement of June-05-11 fall, around 0.9550, could be on their radars.
In a case where the bulls dominate past-0.9550, 0.9590 and 0.9600 could offer intermediate halts during the run-up to 0.9650.
USD/CHF four-hour chart
Trend: Further downside expected
Additional important levels
|Today last price||0.9459|
|Today Daily Change||1 pip|
|Today Daily Change %||0.01%|
|Today daily open||0.9458|
|Previous Daily High||0.9494|
|Previous Daily Low||0.9445|
|Previous Weekly High||0.9527|
|Previous Weekly Low||0.942|
|Previous Monthly High||0.9651|
|Previous Monthly Low||0.9376|
|Daily Fibonacci 38.2%||0.9464|
|Daily Fibonacci 61.8%||0.9475|
|Daily Pivot Point S1||0.9437|
|Daily Pivot Point S2||0.9417|
|Daily Pivot Point S3||0.9388|
|Daily Pivot Point R1||0.9487|
|Daily Pivot Point R2||0.9515|
|Daily Pivot Point R3||0.9536|
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