USD/CHF Technical Analysis: Steps back from six-week-old trendline ahead of Swiss GDP

USD/CHF pulls back from a multi-week long rising resistance line.
Q3 Swiss GDP may soften on the QOQ while expected to rise on YoY.
October top offers additional challenges to the buyers.

Anil Panchal FXStreet

Following its failure to cross the near-term rising trend line, USD/CHF steps back to 0.9990 while heading into the European session on Thursday.

Traders await third quarter (Q3) Gross Domestic Product (GDP) data from Switzerland to determine the pair’s immediate moves. Forecasts suggest soft QoQ figure of 0.2% versus 0.3% prior while YoY reading could increase +0.8% from +0.2% earlier.

Technically, pair’s latest declines highlight the 10-day Exponential Moving Average (EMA) level of 0.9956 as the immediate support ahead of 23.6% Fibonacci retracement of August-October rise, near 0.9940.

On the contrary, pair’s rise beyond the eight-week-old resistance line, near 1.0005, could challenge the previous month high close to 1.0030. Also, pair’s sustained rise past-1.0030 enables it to aim for May-end top near 1.01000.

USD/CHF daily chart

Trend: Pullback expected

additional important levels

Overview
Today last price	0.999
Today Daily Change	-4 pips
Today Daily Change %	-0.04%
Today daily open	0.9994

Trends
Daily SMA20	0.9923
Daily SMA50	0.9927
Daily SMA100	0.9885
Daily SMA200	0.9948

Levels
Previous Daily High	1.0001
Previous Daily Low	0.9969
Previous Weekly High	0.9981
Previous Weekly Low	0.9868
Previous Monthly High	1.0028
Previous Monthly Low	0.9837
Daily Fibonacci 38.2%	0.9989
Daily Fibonacci 61.8%	0.9981
Daily Pivot Point S1	0.9975
Daily Pivot Point S2	0.9956
Daily Pivot Point S3	0.9943
Daily Pivot Point R1	1.0007
Daily Pivot Point R2	1.002
Daily Pivot Point R3	1.0039

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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