USD/CHF Technical Analysis: USD/CHF drops to a new 5-month low - Bears remain in control

USD/CHF main bear trend remains intact despite USD/CHF finding some support after dropping to a new 5-month low.
USD/CHF is trading below its 50, 100 and 200-period simple moving average suggesting a strong bearish momentum. The RSI indicator rebounded from the oversold condition as some bears took profits as USD/CHF dropped to a new 2018 low.
The small USD/CHF rebound is likely to be sold into with the 0.9700 as main resistance to the upside. The bear target is located near (0.9580 April 17 low).

Flavio Tosti Independent Analyst

USD/CHF 4-hour chart

Spot rate: 0.9663
Relative change: 0.09%
High: 0.9671
Low: 0.9633

Main trend: Bearish

Resistance 1: 0.9700 figure
Resistance 2: 0.9745-47, August 28 low, 200-day simple moving average
Resistance 3: 0.9768 September 4 swing high
Resistance 5: 0.9788 June 7 swing low (key level)
Resistance 6: 0.9807 August 22 low
Resistance 7: 0.9820 August 25 low

Support 1: 0.9650 August 29 low
Support 2: 0.9580 April 17 low
Support 3: 0.9500 figure

Author

Flavio Tosti

Independent Analyst

EUR/USD looks sidelined around 1.1850

EUR/USD remains on the back foot, extending its bearish tone and sliding towards the 1.1850 area to print fresh daily lows on Monday. The move lower comes as the US Dollar gathers modest traction, with thin liquidity and subdued volatility amplifying price swings amid the US market holiday.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold loses momentum, eases below $5,000

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.