Friday , January 24 2020
Home / SNB & CHF / USD/CHF Technical Analysis: 38.2 percent Fibonacci, 200-DMA doubt pullback from monthly low

USD/CHF Technical Analysis: 38.2 percent Fibonacci, 200-DMA doubt pullback from monthly low

Summary:
USD/CHF recovers from four weeks’ low. 50% Fibonacci retracement level, October bottom restrict further downside. 200-DMA breakout will again highlight 1.0000 psychological magnet. USD/CHF seesaws around 0.9873 while heading into the European session on Wednesday. The quote dropped to the lowest since early November on Tuesday but pulls back off-late. The pair’s refrain to drop further below the latest bottom seems to prepare for a confrontation to 38.2% Fibonacci retracement of August-October rise, near 0.9890. Though, 200-Day Simple Moving Average (DMA), at 0.9920 now, seems to restrict the quote’s advances afterward. If at all bulls manage to cross 200-DMA, 0.9980 and 1.0000 could regain market attention. On the downside, 50% Fibonacci retracement and October

Topics:
Anil Panchal considers the following as important: , , , ,

This could be interesting, too:

Forexlive writes SNB’s Jordan: Franc exchange rate is important in relation to Swiss monetary conditions

Anil Panchal writes USD/CHF Price Analysis: MACD turns bearish for the first time in a week

Eren Sengezer writes SNB’s Maechler: SNB will not change policy after being put on watch list by US

Dirk Niepelt writes Central Banks Zoom In on CBDC

  • USD/CHF recovers from four weeks’ low.
  • 50% Fibonacci retracement level, October bottom restrict further downside.
  • 200-DMA breakout will again highlight 1.0000 psychological magnet.
USD/CHF seesaws around 0.9873 while heading into the European session on Wednesday. The quote dropped to the lowest since early November on Tuesday but pulls back off-late.

The pair’s refrain to drop further below the latest bottom seems to prepare for a confrontation to 38.2% Fibonacci retracement of August-October rise, near 0.9890. Though, 200-Day Simple Moving Average (DMA), at 0.9920 now, seems to restrict the quote’s advances afterward.

If at all bulls manage to cross 200-DMA, 0.9980 and 1.0000 could regain market attention.

On the downside, 50% Fibonacci retracement and October month trough surrounding 0.9845/37 could keep the short-term declines limited.

However, a sustained downpour beneath 0.9837 might not refrain from challenging 61.8% Fibonacci retracement level of 0.9800.

USD/CHF daily chart

(see more posts on USD/CHF, )
USD/CHF Technical Analysis: 38.2 percent Fibonacci, 200-DMA doubt pullback from monthly low

- Click to enlarge

Trend: Recovery anticipated


Tags: ,,

Leave a Reply

Your email address will not be published. Required fields are marked *