#USDCHF @ 0.89786 breaks three consecutive days of gains but faces difficulty in resisting bearish pressure. According to @nehcap, the potential for a decline is restricted.
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- USD/CHF snaps three-day winning streak but struggles to defend bears.
The pair currently trades last at 0.89786.
The previous day high was 0.8995 while the previous day low was 0.8962. The daily 38.2% Fib levels comes at 0.8982, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8975, expected to provide support.
USD/CHF pares intraday losses, the first in four, as it prods the 200-HMA amid the early hours of Thursday’s European session. In doing so, the Swiss Franc (CHF) pair justifies hawkish comments from Swiss National Bank (SNB) governing board member, Andrea Maechler, as well as cheers the broad US Dollar retreat. That said, the major currency pair bounces off an intraday low of 0.8965 to 0.8970 by the press time.
Earlier in the day, SNB’s Maechler said that the SNB does not rule out further rate hikes, per Reuters.
On the other hand, hawkish Federal Open Market Committee (FOMC) Minutes for the June meeting challenge the USD/CHF pair, which in turn justifies the quote’s rebound from the 200-Hour Moving Average (HMA) of around 0.8965.
However, the USD/CHF pair’s recovery needs validation from the weekly resistance line, close to 0.8995, as well as the 0.9000 round figure, to convince the buyers. Additionally important to watch will be today’s US ISM Services PMI and ADP Employment Change for June, as well as China headlines and recession woes.
Meanwhile, an upward-sloping support line from June 22, around 0.8950 by the press time, appears a tough nut to crack for the USD/CHF bears. Following that, it can slump to the yearly low, marked in June at around 0.8900.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.8971 at the time of writing. Pair opened at 0.8987 and is trading with a change of -0.18 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.8971 |
| 1 | Today Daily Change | -0.0016 |
| 2 | Today Daily Change % | -0.1800 |
| 3 | Today daily open | 0.8987 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.8978, 50 SMA 0.8985, 100 SMA @ 0.9077 and 200 SMA @ 0.9291.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8978 |
| 1 | Daily SMA50 | 0.8985 |
| 2 | Daily SMA100 | 0.9077 |
| 3 | Daily SMA200 | 0.9291 |
The previous day high was 0.8995 while the previous day low was 0.8962. The daily 38.2% Fib levels comes at 0.8982, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8975, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.8968, 0.8949, 0.8935
- Pivot resistance is noted at 0.9001, 0.9014, 0.9033
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8995 |
| Previous Daily Low | 0.8962 |
| Previous Weekly High | 0.9017 |
| Previous Weekly Low | 0.8912 |
| Previous Monthly High | 0.9120 |
| Previous Monthly Low | 0.8902 |
| Daily Fibonacci 38.2% | 0.8982 |
| Daily Fibonacci 61.8% | 0.8975 |
| Daily Pivot Point S1 | 0.8968 |
| Daily Pivot Point S2 | 0.8949 |
| Daily Pivot Point S3 | 0.8935 |
| Daily Pivot Point R1 | 0.9001 |
| Daily Pivot Point R2 | 0.9014 |
| Daily Pivot Point R3 | 0.9033 |
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