USD/CHF Technical Analysis: 61.8% Fibonacci retracement on seller’s radar


  • USD/CHF declines from the highest level in nearly six weeks.
  • 61.8% of Fibonacci retracement acts as immediate support.
  • Monthly trend line resistance limits nearby upside.

USD/CHF takes U-turn from a one-month-old resistance line while trading around 0.9965 amid the initial trading session on Tuesday.

Given the gradual pullback in the 14-bar Relative Strength Index (RSI) from the overbought conditions, prices might witness additional downside. In doing so, 61.8% Fibonacci retracement of October month fall, at 0.9935, acts as immediate support.

However, 200-bar Simple Moving Average (SMA) and one-week-old rising trend line, around 0.9920, will challenge bears afterward.

On the upside, the pair’s successful rise past-0.9990 resistance line needs to conquer 1.0000 psychological magnet to lure buyers towards the previous month high near 1.0030.

USD/CHF 4-hour chart

Trend: Pullback expected

additional important levels

Overview
Today last price 0.9965
Today Daily Change -5 pips
Today Daily Change % -0.05%
Today daily open 0.997
 
Trends
Daily SMA20 0.9916
Daily SMA50 0.9926
Daily SMA100 0.9884
Daily SMA200 0.9949
 
Levels
Previous Daily High 0.9987
Previous Daily Low 0.9959
Previous Weekly High 0.9981
Previous Weekly Low 0.9868
Previous Monthly High 1.0028
Previous Monthly Low 0.9837
Daily Fibonacci 38.2% 0.997
Daily Fibonacci 61.8% 0.9976
Daily Pivot Point S1 0.9957
Daily Pivot Point S2 0.9944
Daily Pivot Point S3 0.9929
Daily Pivot Point R1 0.9985
Daily Pivot Point R2 1
Daily Pivot Point R3 1.0013

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD holds gains above 1.13 on mixed US COVID-19 stats

EUR/USD holds the higher ground above 1.13 as US stocks rise and the safe-haven dollar retreats. Investors are shrugging off EU disagreements amid mixed US coronavirus stats. 

EUR/USD News

Gold consolidates above $1800, holds onto gains looking at $1825

The yellow metal rose further and reached the highest level since 2011 at $1818/oz after the beginning of the American session. It then moved off highs, finding support at $1808.

Gold News

GBP/USD edges up amid Sunak's fiscal stimulus, shrugging off Brexit

GBP/USD is trading above 1.2550, shrugging off Germany's Merkel comments that Brexit talks made little progress and may end with no deal. UK Chancellor Sunak presented fiscal plans including a retention bonus for firms that re-hire workers. 

GBP/USD News

Altcoin season rocks on under the radar

The Altcoin segment is boiling hot, laying the foundations for a massive bull market. Despite the apparent calm on the surface, Cardano, Chainlink or Ripple knock hard on the heavens' door. The war for dominance distracts Bitcoin and Ethereum, focused on the power play.

Read more

WTI on the move to fresh session highs, testing $41 the figure

We are now over 1% higher on the day despite the crude oil inventories in the United States swelling by 5.7 million barrels in the week to July 3, information that was provided by the Energy Information Administration. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures