Despite a second-day decline, the USDCHF at 0.89319 remains above a significant support level.
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- USD/CHF holds above crucial support despite the second-day drop
The pair currently trades last at 0.89319.
The previous day high was 0.8979 while the previous day low was 0.8912. The daily 38.2% Fib levels comes at 0.8937, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8953, expected to provide resistance.
USD/CHF drops for the second straight day but remains above a one-month-old upslope support trendline amidst buyers’ failure to reclaim the 0.9000 figure on a risk-on mood environment. At the time of writing, the USD/CHF exchanges hands at 0.8933, losses 0.26% after reaching a daily high of 0.8970.
Although the USD/CHF remains downward biased in the short term, the downtrend remains suspect, as sellers couldn’t break below 0.8900 to test the year-to-date (YTD) low of 0.8819. That, alongside subsequent failure tests of USD/CHF sellers to surpass the 0.8920 area, formed a triple-bottom chart pattern, which warrants further upside.
If the above scenario plays out, the USD/CHF first resistance would be the 20-day Exponential Moving Average (EMA) at 0.8983, followed by the 50-day EMA at 0.9011. A breach of the latter, and the USD/CHF could rally towards the 100-day EMA at 0.9087 before challenging the 0.9100 figure.
Conversely, and the path of least resistance as oscillators remain in bearish territory, the USD/CHF first support would be 0.8920. Once cleared, the next support would be 0.8900, ahead of plunging toward the YTD low of 0.8819.
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.8932 at the time of writing. Pair opened at 0.8957 and is trading with a change of -0.28 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.8932 |
| 1 | Today Daily Change | -0.0025 |
| 2 | Today Daily Change % | -0.2800 |
| 3 | Today daily open | 0.8957 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.9017, 50 SMA 0.8979, 100 SMA @ 0.9095 and 200 SMA @ 0.932.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.9017 |
| 1 | Daily SMA50 | 0.8979 |
| 2 | Daily SMA100 | 0.9095 |
| 3 | Daily SMA200 | 0.9320 |
The previous day high was 0.8979 while the previous day low was 0.8912. The daily 38.2% Fib levels comes at 0.8937, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8953, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.892, 0.8882, 0.8852
- Pivot resistance is noted at 0.8987, 0.9017, 0.9054
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8979 |
| Previous Daily Low | 0.8912 |
| Previous Weekly High | 0.9013 |
| Previous Weekly Low | 0.8907 |
| Previous Monthly High | 0.9148 |
| Previous Monthly Low | 0.8820 |
| Daily Fibonacci 38.2% | 0.8937 |
| Daily Fibonacci 61.8% | 0.8953 |
| Daily Pivot Point S1 | 0.8920 |
| Daily Pivot Point S2 | 0.8882 |
| Daily Pivot Point S3 | 0.8852 |
| Daily Pivot Point R1 | 0.8987 |
| Daily Pivot Point R2 | 0.9017 |
| Daily Pivot Point R3 | 0.9054 |
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