Tuesday , March 2 2021
Home / SNB & CHF / USD/CHF Price Analysis: Depressed below monthly rising trendline, 50-day SMA

USD/CHF Price Analysis: Depressed below monthly rising trendline, 50-day SMA

Summary:
USD/CHF remains on the back foot after breaking near-term key supports, Good Friday holiday restricts the moves. Late-March lows, 61.8% Fibonacci retracement on sellers’ radars. 200-day SMA adds to the resistance beyond the latest ones. Although Good Friday’s inactive session restricts USD/CHF moves, the pair remains on the back foot around 0.9660 after breaking near-term key supports the previous day. Considering the pair’s sustained trading below 50-day SMA and a month-old rising trend line, it is expected to extend the drop towards 38.2% and 50% Fibonacci retracement of its March month upside, respectively near 0.9630 and 0.9540. It should also be noted that the March 30 low around 0.9500 and 61.8% Fibonacci retracement close to 0.9460 could please the bears

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

This could be interesting, too:

Swissinfo writes Swiss National Bank profits cut in half by Covid

George Dorgan writes The Swiss National Bank reports a profit of CHF 20.9 billion for 2020 (2019: CHF 48.9 billion).

Cash writes Devisen – Euro kostet erstmals seit Ende 2019 mehr als 1,10 Franken

Frank Shostak writes Understanding Minimum Wage Mandates: Empirical Studies Aren’t Enough

  • USD/CHF remains on the back foot after breaking near-term key supports, Good Friday holiday restricts the moves.
  • Late-March lows, 61.8% Fibonacci retracement on sellers’ radars.
  • 200-day SMA adds to the resistance beyond the latest ones.
Although Good Friday’s inactive session restricts USD/CHF moves, the pair remains on the back foot around 0.9660 after breaking near-term key supports the previous day.

Considering the pair’s sustained trading below 50-day SMA and a month-old rising trend line, it is expected to extend the drop towards 38.2% and 50% Fibonacci retracement of its March month upside, respectively near 0.9630 and 0.9540.

It should also be noted that the March 30 low around 0.9500 and 61.8% Fibonacci retracement close to 0.9460 could please the bears below 0.9540.

Meanwhile, the pair’s ability to cross 0.9675/85 support-turned-resistance area could pull it back towards 23.6% Fibonacci retracement figure around 0.9735.

However, buyers are less likely to be called back unless the quote registers a daily closing past-200-day SMA level of 0.9805.

USD/CHF daily chart

(see more posts on USD/CHF, )
USD/CHF Price Analysis: Depressed below monthly rising trendline, 50-day SMA

- Click to enlarge

Trend: Further downside expected


Tags: ,

Leave a Reply

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