- 61.8% of Fibonacci retracement limits the USD/CHF pair’s immediate upside.
- 200-HMA and 1-week old trend-line support can lure sellers below 0.9816.
Failure to cross 61.8% Fibonacci retracement of its late-June downpour drags the USD/CHF pair currently to 2-day old support-line around 0.9842 during early Wednesday.
During the pair’s further declines, sellers can aim for 38.2% Fibonacci retracement level of 0.9816 whereas 200-hour moving average (200-HMA) at 0.9790 and 1-week long upward sloping trend-line support of 0.9775 may please them afterward.
It should also be noted that the 14-bar relative strength index (RSI) is gradually declining towards the oversold territory, which in turn limits the odds for the quote’s slump.
On the contrary, 0.9870 and 61.8% Fibonacci retracement near 0.9893 might entertain short-term buyers during the pair’s pullback.
If prices manage to remain strong beyond 0.9893, 0.9900 can question the rise towards 0.9950 resistance-mark.
USD/CHF hourly chart
Trend: Pullback expected
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