Previous post Next post

USD/CHF technical analysis: 21-DMA exerts downside pressure

 

  • USD/CHF pulls back to 23.6% Fibonacci retracement.
  • 21-DMA limits near-term upside.

Following its U-turn from the 21-day simple moving average (DMA), USD/CHF confronts 23.6% Fibonacci retracement of April-August declines as it takes the bids to 0.9793 ahead of the European session on Wednesday.

While 14-bar relative strength index (RSI) shows normal condition, pair’s sustained run-up beyond 0.9800 enables it to challenge the short-term key DMA level of 0.9811.

It should, however, be noted that the pair’s successful rise above 0.9811 can extend the rise to 38.2%

Fibonacci retracement level around 0.9880.

During the pullback, 0.9770 and 0.9740/37 can offer intermediate halts ahead of highlighting 0.9690 horizontal support comprising lows marked in June and also tested during early-month.

USD/CHF daily chart, August 21

(see more posts on USD/CHF, )
USD/CHF daily chart, August 21

- Click to enlarge

Trend: Bearish

Full story here
Anil Panchal
Anil Panchal, has seven years of experience as a commodity research analyst and six years' rich knowledge of Forex markets. He holds a masters degree in Business Administration with Finance being specialization.
Previous post See more for 4.) FXStreet Next post
Tags:

Permanent link to this article: https://snbchf.com/2019/08/usd-chf-technical-analysis-21-dma-exerts-downside-pressure/

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.