- 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|
|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.