USD/CHF Technical Analysis: August low, 61.8% Fibonacci on bears’ radar

USD/CHF declines for the fifth consecutive week.
Sustained trading below 200-week SMA, 50% Fibonacci retracement indicates further downside.
October-November tops act as the strong upside limit.

Anil Panchal FXStreet

USD/CHF stretches its four-week-old south-run while flashing 0.9678 ahead of the European session on Tuesday.

The pair stays below 50% Fibonacci retracement of the pair’s upswing from February 2016 to April 2018 tops, which in turn signal further weakness towards 61.8% Fibonacci retracement level of 0.9588. However, August month low near 0.9660 can act as an intermediate halt during the declines.

Meanwhile, pair’s pullback beyond 50% Fibonacci retracement level of 0.9715 needs to justify its strength by clearing a confluence of 200-week SMA and 38.2% Fibonacci retracement, around 0.9835/45.

In doing so, buyers can target highs marked in October and November months surrounding 1.0025/30 and March month top near 1.0125.

USD/CHF weekly chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.9677
Today Daily Change	-16 pips
Today Daily Change %	-0.17%
Today daily open	0.9693

Trends
Daily SMA20	0.9823
Daily SMA50	0.9885
Daily SMA100	0.9887
Daily SMA200	0.9929

Levels
Previous Daily High	0.9757
Previous Daily Low	0.9673
Previous Weekly High	0.9832
Previous Weekly Low	0.9729
Previous Monthly High	1.0024
Previous Monthly Low	0.985
Daily Fibonacci 38.2%	0.9705
Daily Fibonacci 61.8%	0.9725
Daily Pivot Point S1	0.9658
Daily Pivot Point S2	0.9623
Daily Pivot Point S3	0.9574
Daily Pivot Point R1	0.9743
Daily Pivot Point R2	0.9792
Daily Pivot Point R3	0.9827

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 looks offered below 1.1900

EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.