The USDCHF pair has fallen close to the 0.8800 level due to a strong selling pressure on the USD Index.
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- USD/CHF has stretched its downside to near 0.8800 amid an intense sell-off in the USD Index.
The pair currently trades last at 0.88181.
The previous day high was 0.8918 while the previous day low was 0.8852. The daily 38.2% Fib levels comes at 0.8877, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8893, expected to provide resistance.
The USD/CHF pair has extended its downside to near 0.8800 in the European session as market sentiment is extremely cheerful. The Swiss Franc asset has faced an intense sell-off following negative cues from the US Dollar Index (DXY).
S&P500 futures have added decent gains in London, portraying further strength in the risk-taking ability of the market participants. The USD Index has found intermediate support near 101.70 but is insufficient to be recognized as a bullish reversal.
Meanwhile, investors are awaiting the United States Consumer Price Index (CPI) for further guidance. Headline inflation is expected to soften further amid a sheer decline in gasoline prices while core inflation could remain sticky amid higher labor costs.
USD/CHF has dropped perpendicularly to near May’s low around 0.8820 on a four-hour scale. Momentum has remained extremely solid in the recent downfall. The 20-period Exponential Moving Average (EMA) at 0.8890 is far from the Swiss Franc prices, which stems chances of a mean-reversion move
The Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range, indicating sheer strength in the downside momentum.
A further breakdown below the intraday low at 0.8810 would expose the asset to 07 January 2021 low at 0.8774 and 06 January 2021 low at 0.8758.
In an alternate scenario, a recovery move above April 26 low at 0.8852 would drive the asset toward the round-level resistance at 0.8900 followed by June 30 low at 0.8935.
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.8818 at the time of writing. Pair opened at 0.8854 and is trading with a change of -0.41 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.8818 |
| 1 | Today Daily Change | -0.0036 |
| 2 | Today Daily Change % | -0.4100 |
| 3 | Today daily open | 0.8854 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.8957, 50 SMA 0.8982, 100 SMA @ 0.9067 and 200 SMA @ 0.9277.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8957 |
| 1 | Daily SMA50 | 0.8982 |
| 2 | Daily SMA100 | 0.9067 |
| 3 | Daily SMA200 | 0.9277 |
The previous day high was 0.8918 while the previous day low was 0.8852. The daily 38.2% Fib levels comes at 0.8877, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8893, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.8831, 0.8809, 0.8765
- Pivot resistance is noted at 0.8897, 0.8941, 0.8963
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8918 |
| Previous Daily Low | 0.8852 |
| Previous Weekly High | 0.9005 |
| Previous Weekly Low | 0.8876 |
| Previous Monthly High | 0.9120 |
| Previous Monthly Low | 0.8902 |
| Daily Fibonacci 38.2% | 0.8877 |
| Daily Fibonacci 61.8% | 0.8893 |
| Daily Pivot Point S1 | 0.8831 |
| Daily Pivot Point S2 | 0.8809 |
| Daily Pivot Point S3 | 0.8765 |
| Daily Pivot Point R1 | 0.8897 |
| Daily Pivot Point R2 | 0.8941 |
| Daily Pivot Point R3 | 0.8963 |
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