- USD/CHF remains depressed at four-month low, sidelined of late.
- Clear downside break of the 200-DMA, descending support line from late May favor sellers.
- 61.8% Fibonacci retracement level adds to the immediate upside filters.
USD/CHF licks its wounds at the lowest levels since mid-April, taking rounds to 0.9420-25 during Thursday’s Asian session.
The Swiss currency (CHF) pair dropped the most since mid-June the previous day in the aftermath of the US inflation data. The south-run also broke key supports and joins downbeat oscillators to keep bears hopeful of late.
That said, a daily closing below the 200-DMA and a descending previous support line from May 27, around 0.9435-30 by the press time, suggests the USD/CHF pair’s further weakness.
Also adding strength to the downside bias are the bearish MACD signals and the RSI (14) that still has some space before hitting the oversold territory.
With this, the USD/CHF sellers approach an upward sloping support line from January, near 0.9360.
Following that, the late January high near 0.9340 and February’s low near 0.9150 will be in focus.
Alternatively, corrective pullback remains elusive below the 0.9435-30 support-turned-resistance.
Even so, the 61.8% Fibonacci retracement level of the January-May upside, around 0.9465, could challenge the USD/CHF bulls.
USD/CHF: Daily chart
Trend: Further weakness expected
Additional important levels
|Today last price||0.9422|
|Today Daily Change||-0.0118|
|Today Daily Change %||-1.24%|
|Today daily open||0.954|
|Previous Daily High||0.956|
|Previous Daily Low||0.9511|
|Previous Weekly High||0.9652|
|Previous Weekly Low||0.9471|
|Previous Monthly High||0.9886|
|Previous Monthly Low||0.9502|
|Daily Fibonacci 38.2%||0.953|
|Daily Fibonacci 61.8%||0.9541|
|Daily Pivot Point S1||0.9514|
|Daily Pivot Point S2||0.9489|
|Daily Pivot Point S3||0.9466|
|Daily Pivot Point R1||0.9563|
|Daily Pivot Point R2||0.9585|
|Daily Pivot Point R3||0.9611|
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