USD/CHF Technical Analysis: Taps 1.0200 mark for the first time since Jan. 2017, overbought conditions warrant some consolidation

Haresh Menghani FXStreet

• The pair built on its recent strong bullish trajectory from 200-day EMA and surged to the 1.0200 mark - the highest since Jan. 2017 during the mid-European session on Tuesday.

• A sustained move beyond an ascending trend-line resistance, extending from Nov. 2017 swing highs, was seen as a key trigger for bullish traders and fueling the ongoing momentum.

• Meanwhile, technical indicators on hourly/daily charts are already pointing to overbought conditions and might turn out to be the only factor keeping a lid on any follow-through up-move.

• Hence, it would be prudent to wait for a brief consolidation/a modest pullback from higher levels before positioning for any further positive momentum towards reclaiming the 1.0300 handle.

USD/CHF daily chart

USD/CHF

Overview
Today last price	1.02
Today Daily Change	0.0043
Today Daily Change %	0.42
Today daily open	1.0157

Trends
Daily SMA20	1.0025
Daily SMA50	1.0022
Daily SMA100	0.997
Daily SMA200	0.993

Levels
Previous Daily High	1.0162
Previous Daily Low	1.0137
Previous Weekly High	1.0161
Previous Weekly Low	1.0009
Previous Monthly High	1.0125
Previous Monthly Low	0.9894
Daily Fibonacci 38.2%	1.0152
Daily Fibonacci 61.8%	1.0147
Daily Pivot Point S1	1.0142
Daily Pivot Point S2	1.0127
Daily Pivot Point S3	1.0117
Daily Pivot Point R1	1.0167
Daily Pivot Point R2	1.0177
Daily Pivot Point R3	1.0192

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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