The downtrend of USDCHF at 0.86450 is still continuing, and the easiest direction for the currency pair is downwards, as long as it stays below the 61.8% Fibonacci retracement level of 0.8819.
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- The USD/CHF downtrend remains intact, with a path of least resistance downwards as long as it remains below the 61.8% Fibonacci retracement level at 0.8819.
The pair currently trades last at 0.86450.
The previous day high was 0.87 while the previous day low was 0.8638. The daily 38.2% Fib levels comes at 0.8676, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8661, expected to provide resistance.
USD/CHF retreats after reaching a daily high of 0.8700 and drops to a new two-day low amid a risk-on mood ahead of the US Federal Reserve (Fed) monetary policy decision. At the time of writing, the USD/CHF exchanges hands at 0.8640, down 0.59%.
The USD/CHF downtrend remains intact as long as the exchange rate stays below the May 4 daily low of 0.8819, confluence with the 61.8% Fibonacci (Fibo) retracement. Once that level is broken, the next resistance will emerge at the next confluence of the 50-day EMA and the 78.6% Fibo level at the 0.8875/0.8900 area, followed by the 0.9000 mark.
Nonetheless, the USD/CHF path of least resistance is downwards, as it resumed its fall to a fresh two-day low, past the 23.6% Fibo retracement at 0.8659. The following support emerges at the 0.8600 figure, and if sellers gather momentum, it could extend and test the year-to-date (YTD) low of 0.8554.
From an oscillator standpoint, the Relative Strength Index (RSI) aimed downward as the USD/CHF downtrend resumed, while the three-day Rate of Change (RoC) portrays sellers’ entering the market.
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.8644 at the time of writing. Pair opened at 0.8697 and is trading with a change of -0.61 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.8644 |
| 1 | Today Daily Change | -0.0053 |
| 2 | Today Daily Change % | -0.6100 |
| 3 | Today daily open | 0.8697 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.8797, 50 SMA 0.8929, 100 SMA @ 0.8996 and 200 SMA @ 0.9212.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8797 |
| 1 | Daily SMA50 | 0.8929 |
| 2 | Daily SMA100 | 0.8996 |
| 3 | Daily SMA200 | 0.9212 |
The previous day high was 0.87 while the previous day low was 0.8638. The daily 38.2% Fib levels comes at 0.8676, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8661, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.8656, 0.8616, 0.8594
- Pivot resistance is noted at 0.8719, 0.8741, 0.8781
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8700 |
| Previous Daily Low | 0.8638 |
| Previous Weekly High | 0.8684 |
| Previous Weekly Low | 0.8555 |
| Previous Monthly High | 0.9120 |
| Previous Monthly Low | 0.8902 |
| Daily Fibonacci 38.2% | 0.8676 |
| Daily Fibonacci 61.8% | 0.8661 |
| Daily Pivot Point S1 | 0.8656 |
| Daily Pivot Point S2 | 0.8616 |
| Daily Pivot Point S3 | 0.8594 |
| Daily Pivot Point R1 | 0.8719 |
| Daily Pivot Point R2 | 0.8741 |
| Daily Pivot Point R3 | 0.8781 |
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