USDCHF @ 0.94673 – Support/Resistance analysis: Price Analysis: Pierces previous support line below 0.9500

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USDCHF @ 0.94673 – Support/Resistance analysis: Price Analysis: Pierces previous support line below 0.9500

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• USD/CHF bulls jostle with short-term key resistance line.
• Bullish MACD signals, firmer RSI favor buyers to extend the bounce off four-month low.
• Monthly resistance line, 200-SMA adds to the upside filters.

The pair currently trades last at 0.94673.

The previous day high was 0.9471 while the previous day low was 0.9409. The daily 38.2% Fib levels comes at 0.9448, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9433, expected to provide support.

USD/CHF grinds higher around 0.9460 as buyers attack a seven-week-old previous support line during Tuesday’s Asian session.

In doing so, the Swiss currency (CHF) pair extends the previous week’s rebound from the lowest levels since mid-April. Also keeping the buyers hopeful is the RSI (14) line, as well as the bullish MACD signals.

That said, a clear upside break of the 0.9470 hurdle appears necessary for the USD/CHF bulls to approach a downward sloping resistance line from July, close to 0.9560 at the latest.

Following that, the 200-SMA hurdle near 0.9630 will be an important challenge for the pair’s further upside past 0.9560.

Alternatively, pullback moves may aim for the three-day-old support line, close to 0.9430, but remain unconvincing beyond the monthly low of 0.9370.

Even if the quote drops below 0.9370, January’s peak around 0.9345 may act as the last defense for USD/CHF bulls before giving control to the bears. In that case, March’s low of 0.9195 will be in focus.

Overall, USD/CHF pares recent losses but has miles to go before luring buyers.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDCHF currently trading at 0.9464 at the time of writing. Pair opened at 0.9465 and is trading with a change of -0.01% % .

The pair is trading below its 20 Daily moving average @ 0.9565, below its 50 Daily moving average @ 0.9662 , below its 100 Daily moving average @ 0.9634 and above its 200 Daily moving average @ 0.9434

The previous day high was 0.9471 while the previous day low was 0.9409. The daily 38.2% Fib levels comes at 0.9448, expected to provide support. Similarly, the daily 61.8% fib level is at 0.9433, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.9425, 0.9386, 0.9363
• Pivot resistance is noted at 0.9488, 0.9511, 0.955

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