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 treads water around 1.1900

EUR/USD edges a tad lower around the 1.1900 area, coming under mild pressure despite the US Dollar keeps the offered stance on turnaround Tuesday. On the US data front, December Retail Sales fell short of expectations, while the ADP four week average printed at 6.5K.

GBP/USD looks weak near 1.3670

GBP/USD trades on the back foot around the 1.3670 region on Tuesday. Cable’s modest retracement also comes in tandem with the decent decline in the Greenback. Moving forward, the US NFP and CPI data in combination with key UK releases should kee the quid under scrutiny in the next few days.

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

Gold comes under marked selling pressure on Tuesday, giving back part of its recent two day advance and threatening to challenge the key $5,000 mark per troy ounce. The yellow metal’s correction follows a better tone in the risk complex, a lower Greenback and shrinking US Treasuty yields.

AI Crypto Update: BankrCoin, Pippin surge as sector market cap steadies above $12B

The Artificial Intelligence (AI) segment is largely on the back foot with major coins such as Bittensor (TAO) and Internet Computer (ICP) extending losses amid a sticky risk-off sentiment.

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.