Despite the potential formation of a bearish head and shoulders pattern on the hourly chart, the USDCHF currency pair is holding onto slight gains. However, according to the viewpoint of @nehcap, it is expected that the price will move downwards.
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- USD/CHF clings to mild gains despite teasing bearish H&S formation on hourly chart.
The pair currently trades last at 0.87313.
The previous day high was 0.8774 while the previous day low was 0.8718. The daily 38.2% Fib levels comes at 0.8752, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8739, expected to provide resistance.
USD/CHF prints minor gains around 0.8740 heading into Tuesday’s European session, after a sluggish week-start.
In doing so, the Swiss Franc (CHF) pair defends Friday’s recovery from the 200-Hour Moving Average (HMA).
However, the hourly play suggests forming of the Head-and-Shoulders (H&S) bearish chart formation and teases the pair sellers, especially amid the mostly steady RSI (14) line.
It’s worth noting that the 200-HMA restricts immediate downside of the USD/CHF pair around 0.8725 but major attention is given to the stated H&S formation’s neckline surrounding 0.8710.
Should the quote breaks the 0.8710, it becomes theoretically vulnerable to drop towards 0.8570.
During the anticipated fall, the late July swing low of around 0.8660 and the 0.8600 round figure may act as buffers for the USD/CHF bears to watch.
On the contrary, an upside break of the descending resistance line stretched from the last Wednesday, close to 0.8760 at the latest, could bolster the bullish bias about the USD/CHF pair.
Even so, the monthly high marked in the last week around 0.8805 could act as the last defense of the USD/CHF bears.
Trend: Downside expected
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.8737 at the time of writing. Pair opened at 0.8729 and is trading with a change of 0.09% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.8737 |
| 1 | Today Daily Change | 0.0008 |
| 2 | Today Daily Change % | 0.09% |
| 3 | Today daily open | 0.8729 |
The pair is trading above its 20 Daily moving average @ 0.8677, below its 50 Daily moving average @ 0.8867 , below its 100 Daily moving average @ 0.8938 and below its 200 Daily moving average @ 0.9149
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8677 |
| 1 | Daily SMA50 | 0.8867 |
| 2 | Daily SMA100 | 0.8938 |
| 3 | Daily SMA200 | 0.9149 |
The previous day high was 0.8774 while the previous day low was 0.8718. The daily 38.2% Fib levels comes at 0.8752, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8739, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.8707, 0.8684, 0.8651
- Pivot resistance is noted at 0.8762, 0.8796, 0.8818
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8774 |
| Previous Daily Low | 0.8718 |
| Previous Weekly High | 0.8806 |
| Previous Weekly Low | 0.8665 |
| Previous Monthly High | 0.9005 |
| Previous Monthly Low | 0.8552 |
| Daily Fibonacci 38.2% | 0.8752 |
| Daily Fibonacci 61.8% | 0.8739 |
| Daily Pivot Point S1 | 0.8707 |
| Daily Pivot Point S2 | 0.8684 |
| Daily Pivot Point S3 | 0.8651 |
| Daily Pivot Point R1 | 0.8762 |
| Daily Pivot Point R2 | 0.8796 |
| Daily Pivot Point R3 | 0.8818 |
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