USD/CHF technical analysis: Bounces off 50-day SMA, eyes on Swiss ZEW data, SNB bulletin

USD/CHF takes a U-turn towards 38.2% Fibonacci retracement, 0.9950 resistance confluence.
Sustained break of 50-DMA can recall 0.9800 on the chart.
September month Swiss ZEW Expectations and SNB’s Q3 Bulletin in the spotlight.

Anil Panchal FXStreet

With its recent recovery from the 50-day simple moving average (SMA), the USD/CHF pair takes the bids to 0.9875 while heading into the European session on Wednesday.

38.2% Fibonacci retracement level of April-August declines, at 0.9880, becomes the closest resistance ahead of 0.9900 and 0.9950 confluence region including 200-day SMA and 50% Fibonacci retracement.

In a case where prices manage to close beyond 0.9950 on a daily closing basis, monthly high surrounding 0.9985 and 1.0000 could lure bulls before pushing them to 61.8% Fibonacci retracement level of 1.0016.

Meanwhile, a downside break of 50-DMA can fetch the pair to 23.6% Fibonacci retracement close to 0.9800 whereas 0.9720 and 0.9700 may please sellers afterward.

On the fundamental front, traders will take clues from the Swiss ZEW Expectations (prior -37.5) and third quarter (Q3) bulletin from the Swiss National Bank. Investors will seek clues of the SNB’s latest hawkish statements from the bulletin to strengthen the Swiss Franc (CHF).

USD/CHF daily chart

Trend: pullback expected

additional important levels

Overview
Today last price	0.9874
Today Daily Change	19 pips
Today Daily Change %	0.19%
Today daily open	0.9855

Trends
Daily SMA20	0.9894
Daily SMA50	0.9846
Daily SMA100	0.99
Daily SMA200	0.9949

Levels
Previous Daily High	0.9915
Previous Daily Low	0.9843
Previous Weekly High	0.9984
Previous Weekly Low	0.9864
Previous Monthly High	0.9976
Previous Monthly Low	0.9659
Daily Fibonacci 38.2%	0.9871
Daily Fibonacci 61.8%	0.9887
Daily Pivot Point S1	0.9827
Daily Pivot Point S2	0.9799
Daily Pivot Point S3	0.9755
Daily Pivot Point R1	0.9899
Daily Pivot Point R2	0.9943
Daily Pivot Point R3	0.9971

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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