USD/CHF Technical Analysis: 0.9990-85 becomes an immediate concern for sellers

USD/CHF trades near 1.0010 during early Friday.
The pair’s failure to surpass a weeklong descending resistance-line favors its drop to 0.9990-85 horizontal-support.
Should sellers refrain to respect the 0.9985 support, 38.2% Fibonacci retracement of its early 2019 upside, at 0.9950, can offer intermediate halt during the slump targeting 0.9905 level comprising 50% Fibonacci.
If at all prices decline past-0.9905, 0.9845 and 0.9800 should become bears’ favorites.
On the contrary, the pair’s ability to cross 1.0020 resistance-line could trigger its pullback towards 1.0040 and 1.0075.
Given the bulls dominate after 1.0075, 1.0100 is a crucial resistance to watch as it holds the gate for the pair’s rise to 61.8% Fibonacci expansion (FE) level of mid-January to February moves, at 1.0120, followed by 1.0150 and 1.0180 levels.

Anil Panchal FXStreet

USD/CHF 4-Hour chart

Additional important levels:

Overview:
    Today Last Price: 1.0014
    Today Daily change: 3 pips
    Today Daily change %: 0.03%
    Today Daily Open: 1.0011
Trends:
    Daily SMA20: 1.0001
    Daily SMA50: 0.9934
    Daily SMA100: 0.9955
    Daily SMA200: 0.991
Levels:
    Previous Daily High: 1.0024
    Previous Daily Low: 0.9994
    Previous Weekly High: 1.01
    Previous Weekly Low: 0.9988
    Previous Monthly High: 0.9996
    Previous Monthly Low: 0.9716
    Daily Fibonacci 38.2%: 1.0013
    Daily Fibonacci 61.8%: 1.0005
    Daily Pivot Point S1: 0.9996
    Daily Pivot Point S2: 0.998
    Daily Pivot Point S3: 0.9966
    Daily Pivot Point R1: 1.0026
    Daily Pivot Point R2: 1.004
    Daily Pivot Point R3: 1.0056

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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