USD/CHF technical analysis: Bulls await upside break of 61.8% Fibo.

USD/CHF stays positive above 200-day SMA, 50% Fibonacci retracement.
A sustained run-up beyond 61.8% Fibonacci retracement can aim for late-May highs.

Anil Panchal FXStreet

Despite successfully trading above key support confluence, the USD/CHF pair fails to provide a daily closing above 61.8% Fibonacci retracement of April-August downpour. The quote takes the bids to 0.9975 while heading into the European open on Thursday.

Given the bullish signals from 12-bar moving average convergence and divergence (MACD) and 14-bar relative strength index (RSI), the pair is likely to extend north-run towards late-May highs surrounding 1.0100 if successfully closing above the key Fibonacci retracement level of 1.0016.

On the contrary, a 200-day simple moving average (SMA) and 50% Fibonacci retracement offer important support close to 0.9948/50, a break of which could quick drag prices to the six-week-old rising trend-line, at 0.9880.

If at all bears manage to dominate below 0.9880, 0.9845/40 and 0.9800 will appear on their watch-list.

USD/CHF daily chart

Trend: bullish

additional important levels

Overview
Today last price	0.9977
Today Daily Change	9 pips
Today Daily Change %	0.09%
Today daily open	0.9968

Trends
Daily SMA20	0.9919
Daily SMA50	0.9859
Daily SMA100	0.989
Daily SMA200	0.995

Levels
Previous Daily High	1.0027
Previous Daily Low	0.9921
Previous Weekly High	0.995
Previous Weekly Low	0.9843
Previous Monthly High	0.9988
Previous Monthly Low	0.9797
Daily Fibonacci 38.2%	0.9987
Daily Fibonacci 61.8%	0.9961
Daily Pivot Point S1	0.9917
Daily Pivot Point S2	0.9866
Daily Pivot Point S3	0.9811
Daily Pivot Point R1	1.0023
Daily Pivot Point R2	1.0078
Daily Pivot Point R3	1.0129

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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