USD/CHF Technical Analysis: Sellers focused on spinning top near multi-week high


  • 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

Overview
Today last price 0.9985
Today Daily Change -5 pips
Today Daily Change % -0.05%
Today daily open 0.999
 
Trends
Daily SMA20 0.9929
Daily SMA50 0.9928
Daily SMA100 0.9886
Daily SMA200 0.9948
 
Levels
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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