USD/CHF Technical Analysis: Inside descending channel below 200-HMA

USD/CHF clings to 23.6% Fibonacci retracement of the pair’s downpour from Christmas to December 31.
The falling channel, 200-HMA will challenge the Bullish MACD.
The current month top will lure the buyers during further upside.

Anil Panchal FXStreet

The USD/CHF pair’s latest recovery seems to struggle around 0.9690 during early Tuesday. A short-term falling trend channel and prices below 200-Hour Moving Average (HMA) seem to question the recently bullish MACD.

As a result, buyers will look for a clear break of 200-HMA level of 0.9722 ahead of targeting the month’s top near 0.9745. It’s worth mentioning that the channel’s resistance-line, at 0.9700, can become an immediate upside barrier.

If at all USD/CHF prices remain strong beyond 0.9745, 0.9770 and December 25 top near 0.9830 will be on the Bull’s radar.

Alternatively, the aforementioned channel’s support, at 0.9668 now, can restrict the pair’s immediate declines ahead of highlighting December month low near 0.9645.

Given the Bear’s dominance below 0.9645, September 2018 bottom surrounding 0.9540 could grab the spotlight.

USD/CHF hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.9687
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.9687

Trends
Daily SMA20	0.9777
Daily SMA50	0.9863
Daily SMA100	0.9883
Daily SMA200	0.9922

Levels
Previous Daily High	0.9717
Previous Daily Low	0.9676
Previous Weekly High	0.9757
Previous Weekly Low	0.9646
Previous Monthly High	1.0009
Previous Monthly Low	0.9646
Daily Fibonacci 38.2%	0.9692
Daily Fibonacci 61.8%	0.9701
Daily Pivot Point S1	0.967
Daily Pivot Point S2	0.9652
Daily Pivot Point S3	0.9629
Daily Pivot Point R1	0.9711
Daily Pivot Point R2	0.9734
Daily Pivot Point R3	0.9752

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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