The USDCHF currency pair has declined from its three-week high and is now trading at 0.87402. It is likely to continue dropping, as suggested by the viewpoint of @nehcap.
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- USD/CHF takes offers to refresh intraday low after reversing from three-week high the previous day.
The pair currently trades last at 0.87402.
The previous day high was 0.8799 while the previous day low was 0.8733. The daily 38.2% Fib levels comes at 0.8758, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8774, expected to provide resistance.
USD/CHF drops for the second consecutive day while printing mild losses near 0.8735 amid early Friday. In doing so, the Swiss Franc (CHF) pair extends the previous day’s U-turn from the highest level in three weeks ahead of the US Nonfarm Payrolls (NFP) data for July.
Also read.
That said, the USD/CHF pair’s latest weakness could also be linked to the failure to cross the 200-SMA, as well as bearish MACD signals and the RSI (14) line’s decline from nearly overbought territory.
With this, the Loonie pair is likely to decline further, which in turn highlights the July 25 swing high of around the 0.8700 round figure.
However, multiple levels marked during late July highlight key support areas around 0.8630 and 0.8565–55.
In a case where the USD/CHF drops below 0.8555, the odds of witnessing the pair’s quick fall toward the 0.8500 round figure can’t be ruled out.
Alternatively, a clear upside break of the 200-SMA surrounding 0.8800 can recall short-term USD/CHF buyers but a downward-sloping resistance line from May 31, close to 0.8865 at the latest, will be a tough nut to crack for them before retaking control.
Even so, the mid-June swing low of around 0.8905 can act as an extra filter towards the north.
Trend: Pullback expected
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.874 at the time of writing. Pair opened at 0.8743 and is trading with a change of -0.03% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.874 |
| 1 | Today Daily Change | -0.0003 |
| 2 | Today Daily Change % | -0.03% |
| 3 | Today daily open | 0.8743 |
The pair is trading above its 20 Daily moving average @ 0.8692, below its 50 Daily moving average @ 0.888 , below its 100 Daily moving average @ 0.8949 and below its 200 Daily moving average @ 0.9161
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8692 |
| 1 | Daily SMA50 | 0.8880 |
| 2 | Daily SMA100 | 0.8949 |
| 3 | Daily SMA200 | 0.9161 |
The previous day high was 0.8799 while the previous day low was 0.8733. The daily 38.2% Fib levels comes at 0.8758, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8774, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.8718, 0.8693, 0.8652
- Pivot resistance is noted at 0.8783, 0.8824, 0.8849
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8799 |
| Previous Daily Low | 0.8733 |
| Previous Weekly High | 0.8737 |
| Previous Weekly Low | 0.8552 |
| Previous Monthly High | 0.9005 |
| Previous Monthly Low | 0.8552 |
| Daily Fibonacci 38.2% | 0.8758 |
| Daily Fibonacci 61.8% | 0.8774 |
| Daily Pivot Point S1 | 0.8718 |
| Daily Pivot Point S2 | 0.8693 |
| Daily Pivot Point S3 | 0.8652 |
| Daily Pivot Point R1 | 0.8783 |
| Daily Pivot Point R2 | 0.8824 |
| Daily Pivot Point R3 | 0.8849 |
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