USD/CHF Technical Analysis: Bears likely to target over 1-month old ascending channel support

Haresh Menghani FXStreet

• The pair extended last week’s rejection slide from the 1.0100 handle and dropped to fresh one-week lows in the last hour amid a follow-through USD retracement.

• Meanwhile, the attempted intraday bounce failed to sustain above 200-hour SMA and the subsequent slide clearly points to increasing selling pressure at higher levels.

• Technical indicators on hourly charts have been gaining negative momentum and suggest a further decline to over one-month-old ascending trend-channel support.

• However, oscillators on the daily chart have managed to maintain their bullish bias and support prospects for some dip buying interest near the mentioned support.

• Hence, it would be prudent to wait for a convincing break below the channel support before confirming that the pair might have already topped out in the near-term.

USD/CHF 1-hourly chart

Technical levels to watch

USD/CHF

Overview:
    Today Last Price: 1.003
    Today Daily change %: -0.19%
    Today Daily Open: 1.0049
Trends:
    Daily SMA20: 0.9991
    Daily SMA50: 0.9927
    Daily SMA100: 0.9949
    Daily SMA200: 0.9909
Levels:
    Previous Daily High: 1.009
    Previous Daily Low: 1.0039
    Previous Weekly High: 1.01
    Previous Weekly Low: 0.9988
    Previous Monthly High: 0.9996
    Previous Monthly Low: 0.9716
    Daily Fibonacci 38.2%: 1.0059
    Daily Fibonacci 61.8%: 1.0071
    Daily Pivot Point S1: 1.0029
    Daily Pivot Point S2: 1.0009
    Daily Pivot Point S3: 0.9979
    Daily Pivot Point R1: 1.008
    Daily Pivot Point R2: 1.011
    Daily Pivot Point R3: 1.013

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.