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.

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