|

USD/CHF technical analysis: Failure to cross immediate resistance signals return of 1.0000

  • Short-term descending trend-line portrays downside momentum.
  • 1.0040 can flash on sellers’ radar ahead of April lows.

With a downward sloping trend-line since May 10 portraying the USD/CHF pair’s weakness, chances of witnessing parity level back on the chart are much brighter as the quote drops to 1.0060 ahead of Europe open on Wednesday.

An ascending support-line since stretched since Friday can offer immediate support near 1.0040 ahead of highlighting 1.0010 horizontal area and the 1.0000 support for sellers.

It should, however, be noted that early-April low surrounding 0.9975 might confine further downside.

If at all prices rally past-1.0100, 1.0125 and 1.0160 seem to be the first to lure buyers.

Also, the pair’s sustained rise above 1.0160 enables bulls to target April tops near 1.0240.

USD/CHF 4-Hour chart

Trend: Bearish

Additional important levels

Overview
Today last price1.0061
Today Daily Change-17 pips
Today Daily Change %-0.17%
Today daily open1.0078
 
Trends
Daily SMA201.0114
Daily SMA501.0073
Daily SMA1001.003
Daily SMA2000.9956
Levels
Previous Daily High1.0099
Previous Daily Low1.0033
Previous Weekly High1.0122
Previous Weekly Low1.0008
Previous Monthly High1.0238
Previous Monthly Low0.9932
Daily Fibonacci 38.2%1.0074
Daily Fibonacci 61.8%1.0058
Daily Pivot Point S11.0041
Daily Pivot Point S21.0004
Daily Pivot Point S30.9974
Daily Pivot Point R11.0107
Daily Pivot Point R21.0137
Daily Pivot Point R31.0174

Author

Anil Panchal

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.

More from Anil Panchal
Share:

Editor's Picks

EUR/USD trims losses, flirts with the 1.1850 zone

EUR/USD is back on the back foot on Wednesday, slipping below the 1.1850 area as the US Dollar picks up some modest traction. The move comes as traders position ahead of a busy run of US data and the release of the FOMC Minutes. Adding to the pullback are reports that the ECB’s Lagarde may step down before completing her term.

GBP/USD flirts with daily highs near 1.3580

GBP/USD manages to set aside two consecutive daily declines and trades with slight gains in the 1.3580 zone on Wednesday. Cable’s uptick comes despite acceptable gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold regains some shine, retargets $5,000 ahead of FOMC Minutes

Gold gathers fresh upside traction on Wednesday, leaving part of the weakness seen at the beginning of the week and refocusing its attention to the key $5,000 mark per troy ounce, all ahead of the release of the FOMC Minutes and despite the modest uptick in the US Dollar.

Pi Network rally defies market pressure ahead of its first anniversary

Pi Network is trading above $0.1900 at press time on Wednesday, extending the weekly gains by nearly 8% so far. The steady recovery is supported by a short-term pause in mainnet migration, which reduces pressure on the PI token supply for Centralized Exchanges. The technical outlook focuses on the $0.1919 resistance as bullish momentum increases.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Top 3 Price Prediction: Bitcoin, Ethereum, and Ripple face downside risk as bears regain control

Bitcoin, Ethereum, and Ripple remain under pressure on Wednesday, with the broader trend still sideways. BTC is edging below $68,000, nearing the lower consolidating boundary, while ETH and XRP also declined slightly, approaching their key supports.