USD/CHF Technical Analysis: Further recovery likely amid sustained break of 10-DMA

USD/CHF stays above 10-DMA for the first time in three weeks.
50% Fibonacci retracement can guard immediate upside ahead of 0.9885/90 resistance confluence.
A downside break below 61.8% Fibonacci retracement can recall monthly low.

Anil Panchal FXStreet

Following its break of 10-Day Simple Moving Average (DMA) on Friday, USD/CHF trades around 0.9830 during early Monday.

The pair remains positive above 61.8% Fibonacci retracement of August-October upside. In doing so, 50% Fibonacci retracement, at 0.9845, can please short-term buyers. Though, a confluence of 100-DMA and 38.2% Fibonacci retracement, around 0.9885/90, can stop the pair’s further upside.

In a case where prices manage to stay strong beyond 0.9890, December 06 high near 0.9920 and 23.6% Fibonacci retracement around 0.9945 can challenge the bulls.

Alternatively, a daily closing beneath 61.8% Fibonacci retracement of 0.9800 can drag the quote back to monthly lows nearing 0.9770.

Further, August 26 low around 0.9715 can be of intermediate importance to the Bears before they target the August month bottom surrounding 0.9660.

USD/CHF daily chart

Trend: Recovery expected

USD/CHF

Overview
Today last price	0.9825
Today Daily Change	8 pips
Today Daily Change %	0.08%
Today daily open	0.9817

Trends
Daily SMA20	0.9881
Daily SMA50	0.9901
Daily SMA100	0.9884
Daily SMA200	0.9934

Levels
Previous Daily High	0.983
Previous Daily Low	0.9777
Previous Weekly High	0.9847
Previous Weekly Low	0.9769
Previous Monthly High	1.0024
Previous Monthly Low	0.985
Daily Fibonacci 38.2%	0.981
Daily Fibonacci 61.8%	0.9797
Daily Pivot Point S1	0.9786
Daily Pivot Point S2	0.9755
Daily Pivot Point S3	0.9733
Daily Pivot Point R1	0.9839
Daily Pivot Point R2	0.9862
Daily Pivot Point R3	0.9893

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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