#USDCHF @ 0.98079 retreats inside a three-week-old bullish channel as RSI, MACD favor pullback., @nehcap view: Pullback expected (Pivot Orderbook analysis)
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- USD/CHF retreats inside a three-week-old bullish channel as RSI, MACD favor pullback.
- Multiple hurdles to test bears before giving them control.
- USD/CHF bulls need to cross 0.9860 hurdle for unstoppable strength.
The pair currently trades last at 0.98079.
The previous day high was 0.9861 while the previous day low was 0.9744. The daily 38.2% Fib levels comes at 0.9817, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9789, expected to provide support.
USD/CHF takes offers to refresh intraday low around 0.9800, snapping a five-day uptrend near the highest levels in 1.5 months heading into Friday’s European session.
In doing so, the Swiss currency (CHF) pair eases from a three-week-old bullish channel’s upper line. The pullback also justifies the RSI (14) retreat from the overbought territory. Furthermore, the impending bear cross of the MACD line over the signal line also keeps the USD/CHF sellers hopeful.
With this, the latest decline is likely to extend and can easily break the 0.9800 threshold. However, a convergence of the two-month-old horizontal support area and the lower line of the stated channel, around 0.9740-45, appears a tough nut to crack for the USD/CHF bears.
Following that, a south-run towards the 200-SMA level near 0.9595 could quickly appear on the chart.
Meanwhile, recovery moves are likely to remain dismal as a convergence of the channel’s resistance line and multiple tops marked since July 12, around 0.9860, could challenge the USD/CHF bulls.
In a case where USD/CHF rallies past 0.9860, the odds of witnessing the 0.9900 as a quote can’t be ruled out.
Trend: Pullback expected
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.9808 at the time of writing. Pair opened at 0.9818 and is trading with a change of -0.10% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.9808 |
| 1 | Today Daily Change | -0.0010 |
| 2 | Today Daily Change % | -0.10% |
| 3 | Today daily open | 0.9818 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 0.9594, 50 SMA 0.9629, 100 SMA @ 0.9679 and 200 SMA @ 0.9459.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.9594 |
| 1 | Daily SMA50 | 0.9629 |
| 2 | Daily SMA100 | 0.9679 |
| 3 | Daily SMA200 | 0.9459 |
The previous day high was 0.9861 while the previous day low was 0.9744. The daily 38.2% Fib levels comes at 0.9817, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.9789, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.9755, 0.9691, 0.9638
- Pivot resistance is noted at 0.9872, 0.9925, 0.9989
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.9861 |
| Previous Daily Low | 0.9744 |
| Previous Weekly High | 0.9692 |
| Previous Weekly Low | 0.9574 |
| Previous Monthly High | 0.9808 |
| Previous Monthly Low | 0.9371 |
| Daily Fibonacci 38.2% | 0.9817 |
| Daily Fibonacci 61.8% | 0.9789 |
| Daily Pivot Point S1 | 0.9755 |
| Daily Pivot Point S2 | 0.9691 |
| Daily Pivot Point S3 | 0.9638 |
| Daily Pivot Point R1 | 0.9872 |
| Daily Pivot Point R2 | 0.9925 |
| Daily Pivot Point R3 | 0.9989 |
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