USD/CHF technical analysis: Repeated bounces off 50% Fibo. keeps bullish bias intact


  • USD/CHF nears 100-day SMA amid yet another bounce off 50% Fibonacci retracement.
  • 61.8% of Fibonacci retracement adds support to the downside.

With its yet another bounce off 50% Fibonacci retracement of August-October advances, USD/CHF nears 100-day Simple Moving Average (SMA) while taking the bids to 0.9865 amid initial trading on Monday.

Should prices manage to close beyond a 100-day SMA level of 0.9871, early October lows near 0.9900 and 0.9940/43 resistance confluence, including a monthly falling trend line and 23.6% Fibonacci retracement, holds the key to pair’s rise towards 200-day SMA level of 0.9955.

In a case where the quote rallies beyond 0.9955, 1.0000 and the previous month high close to 1.0030 will be the key to watch.

If at all sellers sneak in around 50% Fibonacci retracement level of 0.9843, an extended decline below 61.8% Fibonacci retracement level of 0.9800 is widely anticipated.

Additionally, a sustained trading below 0.9800 could give rise to late-August low, near 0.9715, on the bear’s radar.

USD/CHF daily chart

Trend: bullish

additional important levels

Overview
Today last price 0.9864
Today Daily Change 7 pips
Today Daily Change % 0.07%
Today daily open 0.9857
 
Trends
Daily SMA20 0.9921
Daily SMA50 0.991
Daily SMA100 0.9872
Daily SMA200 0.9955
 
Levels
Previous Daily High 0.9895
Previous Daily Low 0.985
Previous Weekly High 0.997
Previous Weekly Low 0.985
Previous Monthly High 1.0028
Previous Monthly Low 0.9837
Daily Fibonacci 38.2% 0.9867
Daily Fibonacci 61.8% 0.9878
Daily Pivot Point S1 0.984
Daily Pivot Point S2 0.9822
Daily Pivot Point S3 0.9794
Daily Pivot Point R1 0.9885
Daily Pivot Point R2 0.9912
Daily Pivot Point R3 0.993

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

AUD/USD drops back towards 0.7100 amid fresh US dollar buying

AUD/USD is under pressure, heading towards 0.7100  amid broad US dollar strength. Risk sentiment sours on US stimulus woes and virus contagion, lifting the safe-haven dollar. Focus remains on US stimulus news, coronavirus stats. 

AUD/USD News

USD/JPY picks up bid in tandem with US dollar, eyes on 105.00

USD/JPY's recovery from Wednesday's 0.85% decline is picking up pace in Asia, as the US dollar gains its feet amid risk-aversion. The reports that the BOJ will likely cut its growth and price forecasts for the current fiscal year at this week's monetary policy meeting weigh on the yen. 

USD/JPY News

Gold: $1883 is the level to beat for the bears

Gold is under pressure starting out a fresh week, battling $1900 amid resurgent haven demand for the US dollar. The greenback regains ground on Monday, as the second wave of the coronavirus accelerates at full steam in Europe.

Gold News

WTI hits three-week lows below $39

WTI hits three-week low, extending the previous week's 3% decline. The daily chart indicators scope for further losses. The daily chart relative strength index now shows an ascending triangle breakdown, a bearish pattern.

Oil News

Forex Today: Sentiment could take a turn to the worse amid coronavirus explosion

The American dollar remained under selling pressure at the end of the week, amid political jitters in the US. Republicans and Democrats have continued to discuss a coronavirus stimulus aid package.

Read more

Forex MAJORS

Cryptocurrencies

Signatures