USD/CHF technical analysis: Bears take full control, hammered down to fresh 5-month lows

The USD/CHF pair struggled to find any buyers and continued losing ground through the early North-American session, hitting fresh five-month lows in the last hour.
The pair's inability to find acceptance above 200-day SMA reaffirmed the recent break below a medium-term ascending trend-line - extending from Feb. 2018 swing lows.

Haresh Menghani FXStreet

The pair has now dropped to the 38.2% Fibo. level of the 0.9210-1.0238 (Feb. 2018 to April 2019) appreciating move, which if broken will set the stage for an extension of the ongoing downfall from over 27-month tops set on April 26.

Below the mentioned support, the pair seems more likely to easily break through the 0.9800 round figure mark and aim towards testing yearly lows support near the 0.9715-10 region – coinciding with 50% Fibo. level.

Meanwhile, technical indicators on the daily chart have moved on the verge of falling into oversold territory and are already pointing to extreme oversold conditions on hourly charts, warranting some near-term consolidation.

USD/CHF daily chart

USD/CHF

Overview
Today last price	0.9833
Today Daily Change	-0.0110
Today Daily Change %	-1.11
Today daily open	0.9943

Trends
Daily SMA20	0.9978
Daily SMA50	1.0072
Daily SMA100	1.0039
Daily SMA200	0.9973

Levels
Previous Daily High	1.0016
Previous Daily Low	0.9916
Previous Weekly High	0.9996
Previous Weekly Low	0.9885
Previous Monthly High	1.0227
Previous Monthly Low	1
Daily Fibonacci 38.2%	0.9954
Daily Fibonacci 61.8%	0.9978
Daily Pivot Point S1	0.9901
Daily Pivot Point S2	0.9858
Daily Pivot Point S3	0.9801
Daily Pivot Point R1	1.0001
Daily Pivot Point R2	1.0058
Daily Pivot Point R3	1.0101

Author

Haresh Menghani

FXStreet

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

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