- USD/CHF declines after registering a bearish candlestick formation the previous day.
- Buyers look for sustained trading beyond 1.0000 psychological magnet.
- 200-day SMA can please sellers during further downside.
USD/CHF drops to 0.9985 during the early trading session on Friday. That said, the pair formed a bearish “Spinning Top” candlestick formation while taking a U-turn from 1.0000 round-figure.
Considering the pair’s repeated failures to provide a sustained run-up beyond 1.0000, coupled with bearish candlestick pattern, prices are likely declining towards the 200-day Simple Moving Average (SMA) level of 0.9950. Though, late-October high close to 0.9970 can offer an intermediate halt during the declines.
In a case where bears dominate below 200-day SMA, mid-November tops close to 0.9910 can return to the chart.
Alternatively, the pair’s successful rise beyond 1.0000 could target October high around 1.0030 whereas late-May peak close of 1.0100 might lure bulls afterward.
USD/CHF daily chart
Trend: Pullback expected
additional important levels
|Today last price||0.9985|
|Today Daily Change||-5 pips|
|Today Daily Change %||-0.05%|
|Today daily open||0.999|
|Previous Daily High||0.9998|
|Previous Daily Low||0.9981|
|Previous Weekly High||0.9981|
|Previous Weekly Low||0.9868|
|Previous Monthly High||1.0028|
|Previous Monthly Low||0.9837|
|Daily Fibonacci 38.2%||0.9987|
|Daily Fibonacci 61.8%||0.9992|
|Daily Pivot Point S1||0.9981|
|Daily Pivot Point S2||0.9973|
|Daily Pivot Point S3||0.9964|
|Daily Pivot Point R1||0.9998|
|Daily Pivot Point R2||1.0007|
|Daily Pivot Point R3||1.0015|
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