- The latest failure to clear 1.0095-1.0100 highlights the pair’s weakness.
- 1.0050 seems strong downside support.
Even after bouncing off 1.0055, the USD/CHF pair currently trades near 1.0085 while heading into Europe open on Thursday.
The quote has been finding it difficult to cross 1.0095 – 1.0100 horizontal resistance since the week-start, making it an important upside barrier, a break of which can propel prices to 1.0130 and then to 61.8% Fibonacci retracement of latest downturn, at 1.0160.
Given the buyers’ dominance above 1.0160, 1.0210 and 1.0230 could become their favorites.
On the downside, 1.0075 and 1.0050 may limit nearby declines, a break of which highlights 100-day simple moving average (SMA) on the daily chart around 1.0010.
Should there be additional south-run under 1.0010, 200-day SMA near 0.9950 may gain market attention.
USD/CHF hourly chart
Trend: Pullback expected