Home USD/CHF technical analysis: Positive above 200-bar SMA, 0.9890/87 confluence
FXStreet News

USD/CHF technical analysis: Positive above 200-bar SMA, 0.9890/87 confluence

  • USD/CHF pulls back from 0.9990, 23.6% Fibonacci retracement on the sellers’ radar.
  • 200-bar SMA, followed by rising multi-week-old rising trendline and 38.2% Fibonacci retracement, limit further declines.

Despite witnessing a downside pressure off-late, the USD/CHF pair remains well above the key supports while taking rounds to 0.9960 amid pre-European open session on Monday.

While 23.6% Fibonacci retracement of August-October upside, at 0.9940, seems to please short-term sellers, 200-bar Simple Moving Average (SMA) around 0.9920, will challenge bears afterward.

If at all prices decline below 0.9920, 0.9890/87 area including an upward sloping trend-line since September 04 and 38.2% Fibonacci retracement will limit further downside, if not then 0.9840 and 0.9800, comprising 61.8% Fibonacci retracement, could gain market attention.

On the contrary, pair’s run-up beyond 0.9990 can again aim for 1.0030 while May-end tops nearing 1.0100 could lure bulls then after.

USD/CHF 4-hour chart

Trend: pullback expected

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.