USD/CHF Price Analysis: Stays directed towards 100-DMA support


  • USD/CHF holds lower ground after posting the heaviest losses in a week.
  • Descending Momentum line, pullback from 61.8% Fibonacci retracement favor bears.

USD/CHF remains pressured around 0.9175, choppy of late, ahead of Thursday’s European session.

The major currency pair took a U-turn from a two-week top the previous day to provide a close below 50% Fibonacci retracement (Fibo.) of April–June downside.

In addition to the breakdown of the key Fibonacci retracement, not to forget the inability to cross the 61.8% Fibonacci retracement during early July, the downward sloping Momentum line also weighs on the quote.

However, 100-DMA challenges the short-term USD/CHF declines around 0.9160, a break of which could direct the bears toward a 38.2% Fibonacci retracement level of 0.9135 before highlighting the monthly low of 0.9117 for the sellers.

Meanwhile, recovery moves will have to cross the immediate Fibo. hurdle and the latest swing high, respectively around 0.9200 and 0.9230, before recalling the USD/CHF bulls.

Even so, a daily closing beyond the monthly high of 0.9274 will be required for the pair to aim for the yearly peak.

USD/CHF: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 0.9174
Today Daily Change -0.0003
Today Daily Change % -0.03%
Today daily open 0.9177
 
Trends
Daily SMA20 0.9195
Daily SMA50 0.9093
Daily SMA100 0.9164
Daily SMA200 0.9073
 
Levels
Previous Daily High 0.9231
Previous Daily Low 0.917
Previous Weekly High 0.9204
Previous Weekly Low 0.9118
Previous Monthly High 0.9262
Previous Monthly Low 0.8926
Daily Fibonacci 38.2% 0.9193
Daily Fibonacci 61.8% 0.9208
Daily Pivot Point S1 0.9154
Daily Pivot Point S2 0.9131
Daily Pivot Point S3 0.9092
Daily Pivot Point R1 0.9216
Daily Pivot Point R2 0.9254
Daily Pivot Point R3 0.9277

 

 

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