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.

Anil Panchal FXStreet

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

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.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.