USD/CHF Technical Analysis: 100-day MA support could be put to test today

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  • 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

 

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