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

Today last price 0.9965
Today Daily Change -5 pips
Today Daily Change % -0.05%
Today daily open 0.997
Daily SMA20 0.9916
Daily SMA50 0.9926
Daily SMA100 0.9884
Daily SMA200 0.9949
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



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