USD/CHF technical analysis: Jumps back closer to over 1-week tops

The intraday pullback finds decent support ahead of 0.9900 handle.
Move beyond 0.9935 will set the stage for additional near-term gains.

Haresh Menghani FXStreet

The USD/CHF pair did witness some intraday pullback but showed some resilience below 38.2% Fibonacci level of the 1.0028-0.9837 recent downfall. The pair managed to find decent support near 200-hour SMA and has now moved back closer to over one-week tops set earlier this Friday.

Meanwhile, technical indicators on the 4-hourly chart maintained their bullish bias and have again started gaining positive traction on the 1-hourly chart. This coupled with the fact that oscillators on the daily chart have just moved in the positive territory support prospects for additional gains.

However, traders are likely to wait for a sustained move beyond 50% Fibo. level – around the 0.9935 region – before positioning for any further near-term appreciating move back towards challenging the very important 200-day SMA, currently near the 0.9955 region.

The latter coincides with 61.8% Fibo. level and should act as a key pivotal point for bullish traders, above which the pair seems all set to aim towards reclaiming the parity mark before eventually darting towards the 1.0025-30 supply zone – October monthly swing highs.

On the flip side, the 0.9910-0.9900 region might continue to act as immediate support, which if broken might negate the bullish outlook and set the stage for a slide back towards testing 1-1/2 month lows – around the 0.9840 region set earlier this week.

USD/CHF 1-hourly chart

USD/CHF

Overview
Today last price	0.9926
Today Daily Change	0.0007
Today Daily Change %	0.07
Today daily open	0.9919

Trends
Daily SMA20	0.9935
Daily SMA50	0.9897
Daily SMA100	0.9874
Daily SMA200	0.9956

Levels
Previous Daily High	0.993
Previous Daily Low	0.9891
Previous Weekly High	0.9997
Previous Weekly Low	0.9837
Previous Monthly High	0.9988
Previous Monthly Low	0.9797
Daily Fibonacci 38.2%	0.9915
Daily Fibonacci 61.8%	0.9906
Daily Pivot Point S1	0.9897
Daily Pivot Point S2	0.9874
Daily Pivot Point S3	0.9858
Daily Pivot Point R1	0.9936
Daily Pivot Point R2	0.9952
Daily Pivot Point R3	0.9975

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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