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USD/CHF Technical Analysis: 38.2% Fibonacci, 200-DMA doubt pullback from monthly low

  • USD/CHF recovers from four weeks’ low.
  • 50% Fibonacci retracement level, October bottom restrict further downside.
  • 200-DMA breakout will again highlight 1.0000 psychological magnet.

USD/CHF seesaws around 0.9873 while heading into the European session on Wednesday. The quote dropped to the lowest since early November on Tuesday but pulls back off-late.

The pair’s refrain to drop further below the latest bottom seems to prepare for a confrontation to 38.2% Fibonacci retracement of August-October rise, near 0.9890. Though, 200-Day Simple Moving Average (DMA), at 0.9920 now, seems to restrict the quote’s advances afterward.

If at all bulls manage to cross 200-DMA, 0.9980 and 1.0000 could regain market attention.

On the downside, 50% Fibonacci retracement and October month trough surrounding 0.9845/37 could keep the short-term declines limited.

However, a sustained downpour beneath 0.9837 might not refrain from challenging 61.8% Fibonacci retracement level of 0.9800.

USD/CHF daily chart

Trend: Recovery anticipated

additional important levels

Overview
Today last price0.9873
Today Daily Change0.0000
Today Daily Change %0.00%
Today daily open0.9873
 
Trends
Daily SMA200.9935
Daily SMA500.993
Daily SMA1000.9888
Daily SMA2000.9947
 
Levels
Previous Daily High0.9927
Previous Daily Low0.9857
Previous Weekly High1.0024
Previous Weekly Low0.9954
Previous Monthly High1.0024
Previous Monthly Low0.985
Daily Fibonacci 38.2%0.9884
Daily Fibonacci 61.8%0.99
Daily Pivot Point S10.9844
Daily Pivot Point S20.9816
Daily Pivot Point S30.9774
Daily Pivot Point R10.9914
Daily Pivot Point R20.9956
Daily Pivot Point R30.9984

Author

Anil Panchal

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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