USD/CHF technical analysis: Oversold RSI, 61.8% Fibo. limit immediate declines

Break of five-month-old support-line dragged the USD/CHF pair to the lowest since early-January.
61.8% Fibonacci retracement level offers immediate support while oversold RSI questions further downside.

Anil Panchal FXStreet

Although break of medium-term ascending trend-line dragged USD/CHF to a 23-week low, 61.8% Fibonacci retracement of its September 2018 to April 2019 upside holds the pair’s declines captive as the quote seesaws near 0.9820 ahead of the European open on Friday.

Oversold levels of 14-day relative strength index (RSI) increase the importance of 0.9807 support, a break of which can magnify the pair’s weakness towards flashing early-September 2018 high near 0.9768.

Should there be additional south-run below 0.9768, 0.9700 could become bears’ best choice.

On the flip side, a successful break of support-turned-resistance of 0.9870 becomes necessary to aim for 50% Fibonacci retracement of 0.9890.

During the pair’s extended recovery past-0.9890, 0.9955 and 200-day simple moving average (SMA) around 38.2% Fibonacci retracement of 0.9972 can lure the bulls.

USD/CHF daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.9818
Today Daily Change	2 pips
Today Daily Change %	0.02%
Today daily open	0.9816

Trends
Daily SMA20	0.9967
Daily SMA50	1.0068
Daily SMA100	1.0038
Daily SMA200	0.9974

Levels
Previous Daily High	0.9951
Previous Daily Low	0.9792
Previous Weekly High	0.9996
Previous Weekly Low	0.9885
Previous Monthly High	1.0227
Previous Monthly Low	1
Daily Fibonacci 38.2%	0.9853
Daily Fibonacci 61.8%	0.989
Daily Pivot Point S1	0.9755
Daily Pivot Point S2	0.9694
Daily Pivot Point S3	0.9596
Daily Pivot Point R1	0.9914
Daily Pivot Point R2	1.0012
Daily Pivot Point R3	1.0073

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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