USD/CHF Technical Analysis: Breaks 100-day SMA/38.% Fibo. confluence support, bears targeting 0.9900 mark

Haresh Menghani FXStreet

• Having failed to capitalize on the overnight goodish rebound, the pair faced rejection near 200-hour SMA on Thursday and tumbled to 3-1/2 week lows in the last hour.

• Today's steep declined confirmed the previous session's bearish break through a one-week-old trading range and turned out to be a key factor prompting fresh technical selling.

USD/CHF 1-hourly chart

• The bearish momentum has been strong enough to drag the pair below 100-day SMA and 38.2% Fibonacci retracement level of the 0.9716-1.0100 recent upsurge.

• Oscillators on 4-hourly/daily charts have just started gaining negative momentum and point to an extension of the bearish trajectory towards testing the 0.9900 handle.

Daily chart

• However, oversold conditions on the 1-hourly chart might turn out to be the only factor that might help limit deeper losses ahead of today’s release of advance US Q4 GDP print.

Technical levels to watch

Overview:
    Today Last Price: 0.9948
    Today Daily change: -63 pips
    Today Daily change %: -0.63%
    Today Daily Open: 1.0011
Trends:
    Daily SMA20: 1.0015
    Daily SMA50: 0.9939
    Daily SMA100: 0.9958
    Daily SMA200: 0.991
Levels:
    Previous Daily High: 1.0016
    Previous Daily Low: 0.9962
    Previous Weekly High: 1.0061
    Previous Weekly Low: 0.9981
    Previous Monthly High: 0.9996
    Previous Monthly Low: 0.9716
    Daily Fibonacci 38.2%: 0.9995
    Daily Fibonacci 61.8%: 0.9983
    Daily Pivot Point S1: 0.9977
    Daily Pivot Point S2: 0.9942
    Daily Pivot Point S3: 0.9923
    Daily Pivot Point R1: 1.0031
    Daily Pivot Point R2: 1.005
    Daily Pivot Point R3: 1.0085

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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