- USD/CHF takes the bids inside a six-week-old rising wedge bearish formation.
- 200-DMA, 50% Fibonacci retracement could restrict immediate upside.
- 0.9880 becomes the key support.
Despite the recent rise, USD/CHF trades below the confluence of 200-day simple moving average (DMA) and 50% Fibonacci retracement of April-August declines, close to 0.9940, while heading into the European session on Wednesday.
Even if the pair manages to overcome 0.9950 immediate resistance confluence, upper-line of the short-term bearish rising wedge formation near 0.9975 will be on the buyers’ watch-list as a break of which could propel the quote towards 61.8% Fibonacci retracement level of 1.0017 and then to the May-end tops surrounding 1.0100.
On the downside, 38.2% Fibonacci retracement level and pattern support offer key rest-point around 0.9880 as break of which will theoretically confirm the pair’s south-run towards 0.9770.
However, 0.9800 mark comprising 23.6% Fibonacci retracement could offer an intermediate halt during the declines.
USD/CHF daily chart
Trend: pullback expected
additional important levels
|Today last price||0.9937|
|Today Daily Change||6 pips|
|Today Daily Change %||0.06%|
|Today daily open||0.9931|
|Previous Daily High||0.9969|
|Previous Daily Low||0.9912|
|Previous Weekly High||0.9947|
|Previous Weekly Low||0.9854|
|Previous Monthly High||0.9976|
|Previous Monthly Low||0.9659|
|Daily Fibonacci 38.2%||0.9947|
|Daily Fibonacci 61.8%||0.9934|
|Daily Pivot Point S1||0.9906|
|Daily Pivot Point S2||0.988|
|Daily Pivot Point S3||0.9849|
|Daily Pivot Point R1||0.9963|
|Daily Pivot Point R2||0.9994|
|Daily Pivot Point R3||1.002|
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