USD/CHF Technical Analysis: Steadies near 200-DMA/50% Fibo. confluence region ahead of SNB

Haresh Menghani FXStreet

• The post-FOMC slump to over two-month lows on Wednesday confirmed a near-term bearish break through a confluence region - 100-day SMA and 38.2% Fibo. level of the 0.9716-1.0124 up-move.

• Bears, however, took some breather near another confluence support - 50% Fibo. level and 200-day SMA, amid highly oversold conditions on hourly charts and ahead of the latest SNB decision.

• Meanwhile, oscillators on the daily chart have just started gaining negative momentum and are still far from being in the oversold territory, suggesting an extension of the near-term bearish trajectory.

• Hence, any meaningful recovery seems more likely to confront some fresh supply near the overnight support breakpoint, around the 0.9970 region, and should remain capped below the parity mark.

USD/CHF daily chart

USD/CHF

Overview
Today last price	0.9925
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	0.9926

Trends
Daily SMA20	1.0025
Daily SMA50	0.9991
Daily SMA100	0.9968
Daily SMA200	0.9922

Levels
Previous Daily High	1.0011
Previous Daily Low	0.9894
Previous Weekly High	1.012
Previous Weekly Low	1.001
Previous Monthly High	1.01
Previous Monthly Low	0.9921
Daily Fibonacci 38.2%	0.9939
Daily Fibonacci 61.8%	0.9966
Daily Pivot Point S1	0.9877
Daily Pivot Point S2	0.9827
Daily Pivot Point S3	0.976
Daily Pivot Point R1	0.9993
Daily Pivot Point R2	1.006
Daily Pivot Point R3	1.011

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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