“¢ The pair extended last week’s retracement slide from 20-month tops and remained under some intense selling pressure for the third consecutive session on Tuesday.
“¢ The overnight break below 200-period SMA on the 4-hourly chart and 23.6% Fibo. retracement level of the 0.9542-1.0129 upsurge was seen as a key trigger for bearish traders.
“¢ Technical indicators on hourly charts are already pointing to near-term oversold conditions, though have just started gaining negative momentum on the daily chart.
“¢ Hence, the pair seems more likely to find some support, or consolidate, near 38.2% Fibo. level, around the 0.9900 handle, before extending the bearish trajectory.
USD/CHF 4-hourly chart
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USD/CHF
Overview:
Last Price: 0.992
Daily change: -20 pips
Daily change: -0.201%
Daily Open: 0.994
Trends:
Daily SMA20: 1.0027
Daily SMA50: 0.9892
Daily SMA100: 0.9889
Daily SMA200: 0.9797
Levels:
Daily High: 1.0012
Daily Low: 0.9924
Weekly High: 1.013
Weekly Low: 0.999
Monthly High: 1.0096
Monthly Low: 0.9801
Daily Fibonacci 38.2%: 0.9957
Daily Fibonacci 61.8%: 0.9978
Daily Pivot Point S1: 0.9905
Daily Pivot Point S2: 0.987
Daily Pivot Point S3: 0.9817
Daily Pivot Point R1: 0.9993
Daily Pivot Point R2: 1.0046
Daily Pivot Point R3: 1.0081
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