USD/CHF technical analysis: Rejection slide from 200-DMA pauses near a short-term trend-line support


  • The USD/CHF pair stalled its recent recovery from multi-month lows and started retreating from the very important 200-day SMA, snapping three consecutive days of winning streak. 
  • The intraday slide showed some resilience below 200-hour SMA and managed to find some support near a short-term ascending trend-line, extending from weekly lows set on Monday.
  • The mentioned trend-line support, currently near the 0.9920-15 region, might now act as a key pivotal for short-term traders and determine the pair’s next leg of a directional move. 

Given the pair’s inability to make it through an important technical resistance, the fact that technical indicators on the daily chart haven’t been able to recover from the bearish territory clearly suggests that the near-term bearish pressure might still be far from over.

Moreover, oscillators on hourly charts have been losing positive momentum and further add credence to eh bearish outlook, albeit traders are likely to wait for a convincing break below the mentioned support before positioning for any further near-term depreciating move.

A convincing break through now seems to accelerate the slide should pave the way for an extension of the pair’s recent bearish trajectory. On the flip side, a sustained move beyond the 200-DMA barrier might negate the negative outlook and trigger a short-covering bounce.

USD/CHF 1-hourly chart

USD/CHF

Overview
Today last price 0.9928
Today Daily Change -0.0026
Today Daily Change % -0.26
Today daily open 0.9954
 
Trends
Daily SMA20 1.0009
Daily SMA50 1.0075
Daily SMA100 1.0037
Daily SMA200 0.9967
Levels
Previous Daily High 0.996
Previous Daily Low 0.9902
Previous Weekly High 1.0017
Previous Weekly Low 0.9854
Previous Monthly High 1.0227
Previous Monthly Low 1
Daily Fibonacci 38.2% 0.9938
Daily Fibonacci 61.8% 0.9924
Daily Pivot Point S1 0.9917
Daily Pivot Point S2 0.9881
Daily Pivot Point S3 0.9859
Daily Pivot Point R1 0.9975
Daily Pivot Point R2 0.9997
Daily Pivot Point R3 1.0033

 

 

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