USD/CHF Technical Analysis: Sellers hopeful on Doji formation below monthly trendline


  • USD/CHF portrays buyers’ exhaustion despite the absence of losses since Tuesday.
  • December month low will be the key to watch.

USD/CHF trades mostly unchanged around 0.9730 while heading into the European session on Friday. The pair formed a Doji candlestick on the daily (D1) chart by Thursday’s end after recovering for the two consecutive prior days.

Considering the candlestick formation indicating the reversal of the previous trend, coupled with the pair’s sustained trading below a downward sloping trend line since December 06, the pair’s further recovery is doubtful.

As a result, sellers will look for entry below Thursday’s low of 0.9711 while targeting 0.9675 and the 2019-end low of 0.9645.

During the quote’s extended downpour beneath 0.9645, 0.9600 and September 2018 low surrounding 0.9550/45 will be the key to watch.

On the upside, pair’s rise beyond 0.9755 trend line resistance will push buyers to aim for a late-December high near 0.9730 and 50-day SMA level of 0.9850 during further advances.

USD/CHF daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 0.9733
Today Daily Change 1 pip
Today Daily Change % 0.01%
Today daily open 0.9732
 
Trends
Daily SMA20 0.976
Daily SMA50 0.9852
Daily SMA100 0.988
Daily SMA200 0.9918
 
Levels
Previous Daily High 0.9748
Previous Daily Low 0.9711
Previous Weekly High 0.9757
Previous Weekly Low 0.9646
Previous Monthly High 1.0009
Previous Monthly Low 0.9646
Daily Fibonacci 38.2% 0.9734
Daily Fibonacci 61.8% 0.9725
Daily Pivot Point S1 0.9713
Daily Pivot Point S2 0.9693
Daily Pivot Point S3 0.9675
Daily Pivot Point R1 0.975
Daily Pivot Point R2 0.9768
Daily Pivot Point R3 0.9788

 

 

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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD capped under 1.13 as Lagarde hints at inaction

EUR/USD is trading below 1.13, steady. ECB President Lagarde hinted she will pause in next week's decision while urging leaders to agree on fiscal stimulus. US coronavirus data and Sino-American relations are eyed.

EUR/USD News

Gold holds steady near multi-year tops, just below $1800 mark

Gold remained confined in a range through the Asian session on Wednesday and consolidated the previous day's strong positive move to fresh multi-year tops.

Gold News

GBP/USD holds up around 1.2550 ahead of Sunak's speech

GBP/USD is trading around 1.2550, holding onto its gains. UK Chancellor Sunak is set to lay out the fiscal stimulus plan. Brexit remains deadlocked as PM Johnson told German Chancellor Merkel that Britain could leave without a deal.

GBP/USD News

Forex Today: Gold eyeing $1,800, dollar mixed, as coronavirus, Hong Kong peg move markets

Markets are looking for a new direction after stocks retreated and the dollar gained some ground on Tuesday. Concerns about coronavirus cases in the US and geopolitical tensions are in play.

Read more

WTI looks for a firm direction below $41.00, EIA inventories eyed

WTI recedes from intraday top while also keeping the bounce off daily low near $40.30. Global pressure on China, coronavirus resurgence keeps a lid on the blackgold. European oil giant follows BP and Shell to cut price forecast. EIA Crude Oil Stocks expected to drop 3.4M versus prior fall of 7.195M.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures