The USDCHF currency pair has experienced a 3% decline, but there is a possibility of a rebound indicated by the Relative Strength Index (RSI) if it surpasses the level of 0.8700. Additionally, there is a chance of a bullish-engulfing pattern forming.
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- USD/CHF drops 3%, RSI suggests potential recovery, past 0.8700, as a bullish-engulfing pattern could form.
The pair currently trades last at 0.86193.
The previous day high was 0.8676 while the previous day low was 0.8582. The daily 38.2% Fib levels comes at 0.8618, expected to provide support. Similarly, the daily 61.8% fib level is at 0.864, expected to provide resistance.
USDH/CHF regains some composture after plummeting more than 3% in the week, breaking technical support levels due to overall US Dollar (USD) weakness across the Forex (FX) board. Slow inflation in the United States (US) triggered market players to pare bets the US Federal Reserve (Fed) will tighten monetary conditions past the Fed July meeting. Hence, the greenback weakened and, against the Swiss Franc (CHF), lost more than 250 pips. The USD/CHF is trading at 0.8622 after reaching a new eight-year low of 0.8566.
From a technical standpoint, the USD/CHF is suggested to continue downwards. Still, the Relative Strength Index (RSI) indicator, hitting an extreme 21.47 reading, jumped and is about to cross above the 30 line. That, along with the three-day Rate of Change (RoC) portraying sellers are beginning to lose momentum, could pave the way for the USD/CHF to recover some ground.
If USD/CHF buyers reclaim the 0.8700 figure, that could form a bullish-engulfing candlestick pattern, opening the door for an upward correction. Still, the USD/CHF will remain downward biased unless traders push prices past the 200-day EMA at 0.9179.
A bearish continuation will resume once USD/CHF sellers drag prices below 0.8566, exposing the 0.8500 mark, followed by the 0.8400 figure, ahead of diving towards the 2015 yearly low of 0.8300.
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.862 at the time of writing. Pair opened at 0.8588 and is trading with a change of 0.37 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.8620 |
| 1 | Today Daily Change | 0.0032 |
| 2 | Today Daily Change % | 0.3700 |
| 3 | Today daily open | 0.8588 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.8911, 50 SMA 0.8971, 100 SMA @ 0.9048 and 200 SMA @ 0.9259.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8911 |
| 1 | Daily SMA50 | 0.8971 |
| 2 | Daily SMA100 | 0.9048 |
| 3 | Daily SMA200 | 0.9259 |
The previous day high was 0.8676 while the previous day low was 0.8582. The daily 38.2% Fib levels comes at 0.8618, expected to provide support. Similarly, the daily 61.8% fib level is at 0.864, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.8555, 0.8522, 0.8462
- Pivot resistance is noted at 0.8648, 0.8708, 0.8741
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8676 |
| Previous Daily Low | 0.8582 |
| Previous Weekly High | 0.9005 |
| Previous Weekly Low | 0.8876 |
| Previous Monthly High | 0.9120 |
| Previous Monthly Low | 0.8902 |
| Daily Fibonacci 38.2% | 0.8618 |
| Daily Fibonacci 61.8% | 0.8640 |
| Daily Pivot Point S1 | 0.8555 |
| Daily Pivot Point S2 | 0.8522 |
| Daily Pivot Point S3 | 0.8462 |
| Daily Pivot Point R1 | 0.8648 |
| Daily Pivot Point R2 | 0.8708 |
| Daily Pivot Point R3 | 0.8741 |
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