USD/CHF Price Analysis: Stays pressured towards 0.9400, bears eye seven-month-old support


  • 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

Overview
Today last price 0.9422
Today Daily Change -0.0118
Today Daily Change % -1.24%
Today daily open 0.954
 
Trends
Daily SMA20 0.9637
Daily SMA50 0.9679
Daily SMA100 0.963
Daily SMA200 0.9428
 
Levels
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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