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.

Anil Panchal FXStreet

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 price	1.0061
Today Daily Change	-17 pips
Today Daily Change %	-0.17%
Today daily open	1.0078

Trends
Daily SMA20	1.0114
Daily SMA50	1.0073
Daily SMA100	1.003
Daily SMA200	0.9956

Levels
Previous Daily High	1.0099
Previous Daily Low	1.0033
Previous Weekly High	1.0122
Previous Weekly Low	1.0008
Previous Monthly High	1.0238
Previous Monthly Low	0.9932
Daily Fibonacci 38.2%	1.0074
Daily Fibonacci 61.8%	1.0058
Daily Pivot Point S1	1.0041
Daily Pivot Point S2	1.0004
Daily Pivot Point S3	0.9974
Daily Pivot Point R1	1.0107
Daily Pivot Point R2	1.0137
Daily Pivot Point R3	1.0174

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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