USD/CHF Price Analysis: Stays above key SMAs as buyers attack 0.8900

USD/CHF takes the bids near intraday high, extends recovery moves from Friday.
A clear break above 100-bar, 200-bar SMAs favors the bulls amid upbeat RSI, MACD.
Two-week-old support line adds to the downside filters.

Anil Panchal FXStreet

USD/CHF rises to 0.8890 in the latest upswing ahead of Tuesday’s European session. While risk-off mood favors the US dollar strength and the quote’s upside, a downward sloping trend line from January 17 probes the bulls.

Read: S&P 500 futures drop further as China says to conduct military drills in South China Sea

Should the quote rallies past-0.8895 immediate hurdle, which is also backed by bullish MACD signals and strong RSI, the monthly top near 0.8930 should be the spotlight.

It should, however, be noted that multiple peaks marked since late December can probe the USD/CHF buyers around 0.8930, a break of which will escalate the run-up towards early November low near 0.8980.

On the flip side, a confluence of 100-bar and 200-bar SMA near 0.8860 restricts the pair’s short-term downside ahead of a descending trend line from January 13, at 0.8835.

January 08 low close to 0.8820 and the monthly bottom surrounding 0.8755 is extra supports that USD/CHF sellers may target during further weakness past-0.8835.

Overall, the quote is likely to escalate the consolidation of losses marked in December amid the worsening market sentiment.

USD/CHF four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.8888
Today Daily Change	8 pips
Today Daily Change %	0.09%
Today daily open	0.888

Trends
Daily SMA20	0.8858
Daily SMA50	0.8919
Daily SMA100	0.9028
Daily SMA200	0.9225

Levels
Previous Daily High	0.8893
Previous Daily Low	0.8848
Previous Weekly High	0.8926
Previous Weekly Low	0.8838
Previous Monthly High	0.9093
Previous Monthly Low	0.8794
Daily Fibonacci 38.2%	0.8876
Daily Fibonacci 61.8%	0.8865
Daily Pivot Point S1	0.8855
Daily Pivot Point S2	0.8829
Daily Pivot Point S3	0.8809
Daily Pivot Point R1	0.89
Daily Pivot Point R2	0.8919
Daily Pivot Point R3	0.8945

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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