USD/CHF technical analysis: 0.9950 to question buyers inside a rising wedge


  • 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

Overview
Today last price 0.9937
Today Daily Change 6 pips
Today Daily Change % 0.06%
Today daily open 0.9931
 
Trends
Daily SMA20 0.9867
Daily SMA50 0.9842
Daily SMA100 0.9914
Daily SMA200 0.995
Levels
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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