USD/CHF technical analysis: 1.0095/1.0100 acts as immediate upside barrier

The latest failure to clear 1.0095-1.0100 highlights the pair’s weakness.
1.0050 seems strong downside support.

Anil Panchal FXStreet

Even after bouncing off 1.0055, the USD/CHF pair currently trades near 1.0085 while heading into Europe open on Thursday.

The quote has been finding it difficult to cross 1.0095 – 1.0100 horizontal resistance since the week-start, making it an important upside barrier, a break of which can propel prices to 1.0130 and then to 61.8% Fibonacci retracement of latest downturn, at 1.0160.

Given the buyers’ dominance above 1.0160, 1.0210 and 1.0230 could become their favorites.

On the downside, 1.0075 and 1.0050 may limit nearby declines, a break of which highlights 100-day simple moving average (SMA) on the daily chart around 1.0010.

Should there be additional south-run under 1.0010, 200-day SMA near 0.9950 may gain market attention.

USD/CHF hourly chart

Trend: Pullback expected

1. R3 1.0147
2. R2 1.0123
3. R1 1.0104
PP 1.008
1. S1 1.0061
2. S2 1.0037
3. S3 1.0018

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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