Search ForexCrunch

   “¢   Having failed to capitalize on the overnight goodish rebound, the pair faced rejection near 200-hour SMA on Thursday and tumbled to 3-1/2 week lows in the last hour.

   “¢   Today’s steep declined confirmed the previous session’s bearish break through a one-week-old trading range and turned out to be a key factor prompting fresh technical selling.

USD/CHF 1-hourly chart

   “¢   The bearish momentum has been strong enough to drag the pair below 100-day SMA and 38.2% Fibonacci retracement level of the 0.9716-1.0100 recent upsurge.

   “¢   Oscillators on 4-hourly/daily charts have just started gaining negative momentum and point to an extension of the bearish trajectory towards testing the 0.9900 handle.

Daily chart

   “¢   However, oversold conditions on the 1-hourly chart might turn out to be the only factor that might help limit deeper losses ahead of today’s release of advance US Q4 GDP print.

Technical levels to watch

       Today Last Price:  0.9948
       Today Daily change:  -63  pips
       Today Daily change %:  -0.63%
       Today Daily Open:  1.0011
       Daily SMA20:  1.0015
       Daily SMA50:  0.9939
       Daily SMA100:  0.9958
       Daily SMA200:  0.991
       Previous Daily High:  1.0016
       Previous Daily Low:  0.9962
       Previous Weekly High:  1.0061
       Previous Weekly Low:  0.9981
       Previous Monthly High:  0.9996
       Previous Monthly Low:  0.9716
       Daily Fibonacci 38.2%:  0.9995
       Daily Fibonacci 61.8%:  0.9983
       Daily Pivot Point S1:  0.9977
       Daily Pivot Point S2:  0.9942
       Daily Pivot Point S3:  0.9923
       Daily Pivot Point R1:  1.0031
       Daily Pivot Point R2:  1.005
       Daily Pivot Point R3:  1.0085