- The corrective bounce in the USD/CHF pair has likely ended and the sell-off from the recent high of 1.0128 looks set to resume, according to technical charts. As of writing, the spot is trading at 0.9947 and could drop to the 100-day moving average (MA) of 0.9888 later today.
Hourly chart
- As can be seen above, the corrective bounce called by the bullish divergence of the RSI is struggling to cross the downward sloping (bearish) 50-hour MA. The repeated failure to beat that average could be considered a sign the recovery has ended.
Daily chart
- The bearish view put forward by the negative RSI divergence on Nov. 13 has gained more credence in the last few days, courtesy of the bearish crossover between the 5- and 10-day MAs, RSI’s move below 50.00 and pair’s drop to a one-month low of 0.9909. Simply put, the bear grip has strengthened in the last few days. As a result, a drop to 100-day MA could be in the offing.
Trend: Bearish
USD/CHF
Overview:
Last Price: 0.9944
Daily change: -8.0 pips
Daily change: -0.0804%
Daily Open: 0.9952
Trends:
Daily SMA20: 1.0027
Daily SMA50: 0.9896
Daily SMA100: 0.989
Daily SMA200: 0.98
Levels:
Daily High: 0.996
Daily Low: 0.9908
Weekly High: 1.013
Weekly Low: 0.999
Monthly High: 1.0096
Monthly Low: 0.9801
Daily Fibonacci 38.2%: 0.994
Daily Fibonacci 61.8%: 0.9928
Daily Pivot Point S1: 0.992
Daily Pivot Point S2: 0.9889
Daily Pivot Point S3: 0.9869
Daily Pivot Point R1: 0.9971
Daily Pivot Point R2: 0.9991
Daily Pivot Point R3: 1.0022