USD/CHF Technical Analysis: Consolidates Friday’s bullish breakthrough a descending trend-line

Haresh Menghani FXStreet

• The pair was seen oscillating in a narrow trading band around 50-day SMA and consolidated Friday's bullish breakthrough a short-term descending trend-line.

• With technical indicators on the daily chart yet to catch up with the positive momentum, any subsequent up-move might confront fresh supply near the parity mark.

• The mentioned hurdle coincides with 50% Fibonacci retracement level of the 1.0129-0.9863 recent downfall and should act as a key trigger for bullish traders.

• Meanwhile, any meaningful dips are likely to get bought into near the descending trend-line resistance break-point, now turned support, currently near mid-0.9900s.

USD/CHF daily chart

USD/CHF

Overview:
    Today Last Price: 0.9975
    Today Daily change: -5.0 pips
    Today Daily change %: -0.0501%
    Today Daily Open: 0.998
Trends:
    Previous Daily SMA20: 0.9953
    Previous Daily SMA50: 0.9977
    Previous Daily SMA100: 0.989
    Previous Daily SMA200: 0.9853
Levels:
    Previous Daily High: 0.9984
    Previous Daily Low: 0.9927
    Previous Weekly High: 0.9984
    Previous Weekly Low: 0.9862
    Previous Monthly High: 1.0129
    Previous Monthly Low: 0.9908
    Previous Daily Fibonacci 38.2%: 0.9962
    Previous Daily Fibonacci 61.8%: 0.9949
    Previous Daily Pivot Point S1: 0.9943
    Previous Daily Pivot Point S2: 0.9906
    Previous Daily Pivot Point S3: 0.9886
    Previous Daily Pivot Point R1: 1
    Previous Daily Pivot Point R2: 1.002
    Previous Daily Pivot Point R3: 1.0057

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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