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.

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

fxsoriginal

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

 

 

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