The USDCHF currency pair, currently trading at 0.88291, is facing selling pressure, causing it to decline from its highest level in seven weeks and continue its two-day streak of losses. The opinion of @nehcap is that any potential decrease in value is expected to be limited.
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- USD/CHF takes offers to extend Friday’s retreat from seven-week high to print two-day losing streak.
The pair currently trades last at 0.88291.
The previous day high was 0.8865 while the previous day low was 0.8818. The daily 38.2% Fib levels comes at 0.8836, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8847, expected to provide resistance.
USD/CHF remains on the back foot for the second consecutive day, down 0.12% intraday around 0.8825 amid the early Tuesday morning in Europe. In doing so, the Swiss Franc (CHF) pair stretches last week’s U-turn from a downward-sloping resistance line from March 08.
It’s worth noting that the broadly weaker US Dollar and the cautious mood ahead of the US Conference Board’s (CB) Consumer Confidence Index for August, expected at 116.2 versus the prior 117.00, exert downside pressure on the pair after it reversed from the key resistance line.
However, the upbeat RSI (14) line and the bullish MACD signals join the quote’s sustained trading beyond the 0.8790 support confluence to keep the buyers hopeful.
That said, the 50-DMA and a six-week-long rising trend line together constitute the 0.8790 hurdle toward the south.
In a case where the USD/CHF breaks the 0.8790 support, the odds of witnessing a quick slump towards refreshing the monthly low, currently around 0.8690, can’t be ruled out.
On the flip side, a clear upside break of the aforementioned multi-month-old resistance line, close to 0.8840 by the press time, needs validation from the monthly peak of 0.8865 and June’s low of 0.8901 to convince the USD/CHF pair buyers.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
USDCHF currently trading at 0.8828 at the time of writing. Pair opened at 0.8839 and is trading with a change of -0.12% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.8828 |
| 1 | Today Daily Change | -0.0011 |
| 2 | Today Daily Change % | -0.12% |
| 3 | Today daily open | 0.8839 |
The pair is trading above its 20 Daily moving average @ 0.8783, above its 50 Daily moving average @ 0.8795 , below its 100 Daily moving average @ 0.8887 and below its 200 Daily moving average @ 0.908
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.8783 |
| 1 | Daily SMA50 | 0.8795 |
| 2 | Daily SMA100 | 0.8887 |
| 3 | Daily SMA200 | 0.9080 |
The previous day high was 0.8865 while the previous day low was 0.8818. The daily 38.2% Fib levels comes at 0.8836, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.8847, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.8816, 0.8794, 0.877
- Pivot resistance is noted at 0.8863, 0.8887, 0.891
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.8865 |
| Previous Daily Low | 0.8818 |
| Previous Weekly High | 0.8876 |
| Previous Weekly Low | 0.8760 |
| Previous Monthly High | 0.9005 |
| Previous Monthly Low | 0.8552 |
| Daily Fibonacci 38.2% | 0.8836 |
| Daily Fibonacci 61.8% | 0.8847 |
| Daily Pivot Point S1 | 0.8816 |
| Daily Pivot Point S2 | 0.8794 |
| Daily Pivot Point S3 | 0.8770 |
| Daily Pivot Point R1 | 0.8863 |
| Daily Pivot Point R2 | 0.8887 |
| Daily Pivot Point R3 | 0.8910 |
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