USD/CHF technical analysis: Breaks below 0.9940 confluence support, turns vulnerable

The pair remains under some selling pressure for the second straight session.
The ongoing slide dragged it below a two-month-old ascending trend-channel.
Bears might now aim towards challenging the 0.9900 round-figure mark.

Haresh Menghani FXStreet

The USD/CHF pair extended this week's rejection slide from the vicinity of the key parity mark and remained under some selling pressure for the second consecutive session.

The ongoing slide to one-week lows has now dragged the pair below a confluence support near the 0.9940 region, which might now be seen as a key trigger for bearish traders.

The mentioned support comprised of 23.6% Fibonacci level of the pair’s 0.9659-1.0028 recent strong move up and the lower end of a two-month-old ascending trend-channel.

Meanwhile, technical indicators on the 4-hourly chart have been falling in the bearish territory and also lost positive momentum on the daily chart, suggesting further downside.

However, oscillators on the 1-hourly chart have moved closer to slightly oversold conditions and thus, warrant some caution before placing any aggressive bearish bets.

Having said that, the pair still seems vulnerable to continue with its depreciating move and aim towards challenging the 0.9900 handle amid reviving safe-haven demand.

USD/CHF daily chart

USD/CHF

Overview
Today last price	0.9933
Today Daily Change	-0.0017
Today Daily Change %	-0.17
Today daily open	0.995

Trends
Daily SMA20	0.9943
Daily SMA50	0.988
Daily SMA100	0.9879
Daily SMA200	0.9956

Levels
Previous Daily High	0.9992
Previous Daily Low	0.9945
Previous Weekly High	0.9991
Previous Weekly Low	0.9904
Previous Monthly High	0.9988
Previous Monthly Low	0.9797
Daily Fibonacci 38.2%	0.9963
Daily Fibonacci 61.8%	0.9974
Daily Pivot Point S1	0.9933
Daily Pivot Point S2	0.9915
Daily Pivot Point S3	0.9886
Daily Pivot Point R1	0.998
Daily Pivot Point R2	1.0009
Daily Pivot Point R3	1.0027

Author

Haresh Menghani

FXStreet

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

AUD/USD remains below 0.7000 amid light trading

AUD/USD fills a modest bearish gap on Monday, but remains below 0.7000 in the Asian session amid holiday-thinned liquidity. The US Dollar attempts a bounce even as US bond yields pull back from multi-year highs, limiting the pair. Moreover, diminishing odds of another RBA rate hike in November cap the Aussie.

USD/JPY hovers above 158.00 amid Japan/ US holiday

USD/JPY extends its range-bound price action into a new week, trading above 158.00 as bulls remain on high alert amid speculation that authorities will step in to prop up the Japanese Yen. Meanwhile, softer US bond yields keep US Dollar bulls on the back foot and cap the pair's upside. However, geopolitical uncertainties could limit losses for the safe-haven buck amid thin liquidity due to a holiday in Japan and the US.

Gold sticks to modest losses; seems vulnerable below $4,200 on Fed hike bets

Gold extends its intraday retracement slide from a one-week high, hitting a fresh daily low around $4,170 during the early European session. The US Dollar attracts fresh buyers after a modest downtick amid the US Federal Reserve's hawkish outlook, which, in turn, is seen as weighing on the non-yielding bullion.

Pi Network Price Forecast: PI defends $0.0800 support as selling pressure mounts

Pi Network is trading in the red on Monday, hovering above $0.0800 as selling pressure mounts. PI token’s speculative demand is easing, with Open Interest below $9 million despite rising social chatter, hinting at panic-driven buzz among investors. The technical outlook for PI suggests a bearish bias, with the risk of breaking below the $0.0800 support level.

USD/INR: Deep in red below 96.00 as RBI rescues Indian Rupee

After opening significantly higher against the US Dollar (USD) on Monday, the Indian Rupee (INR) clings to recovery gains near 95.80. The pair remains undermined by the Reserve Bank of India’s (RBI) fresh measures to curb US Dollar demand, which has brought relief for the Indian currency.

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?