USD/CHF technical analysis: After one rejection is a second too much?

USD/CHF moved lower as the risk enviroment shifts.
Today the pair is trading 0.33% lower and is testing technical support.

Rajan Dhall, MSTA FX Daily

USD/CHF 4-Hour Chart

Last week the pair broke out of the trendline to move higher after a strong bout of positive risk sentiment.

Now the major pair has moved back inside the trenline but we have to wait for the 4-hour candle to close for confirmation.

Some analysts were looking to see if the 1.000 level would be challenged but it was a step too far this time out.

If we do indeed see a rejection the psychological (1.000) area is an obvious target.

On the daily timeframe, it seems we are still in a consolidation sideways trend. Only a break of either 1.0027 or 0.9841 can change this.

Additional Levels

USD/CHF

Overview
Today last price	0.9931
Today Daily Change	-0.0046
Today Daily Change %	-0.46
Today daily open	0.9977

Trends
Daily SMA20	0.9916
Daily SMA50	0.992
Daily SMA100	0.9874
Daily SMA200	0.9955

Levels
Previous Daily High	0.998
Previous Daily Low	0.9937
Previous Weekly High	0.998
Previous Weekly Low	0.9852
Previous Monthly High	1.0028
Previous Monthly Low	0.9837
Daily Fibonacci 38.2%	0.9964
Daily Fibonacci 61.8%	0.9953
Daily Pivot Point S1	0.9949
Daily Pivot Point S2	0.9922
Daily Pivot Point S3	0.9906
Daily Pivot Point R1	0.9992
Daily Pivot Point R2	1.0008
Daily Pivot Point R3	1.0035

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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