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USD/CHF technical analysis: 4H 100MA, 2-week-old support-zone limit immediate declines

  • USD/CHF extends Thursday’s downpour, nears short-term key supports.
  • An upside break of 0.9985 could recall June month highs.
Given the failure to rise past-0.9980/85 area, USD/CHF carries the previous day’s declines while trading around 0.9913 ahead of the Europe markets open on Friday.

The bearish signal from 12-bar moving average convergence and divergence (MACD) indicates brighter chances of pair’s further declines to 100-bar moving average on the four-hour chart, at 0.9900 now, followed by a two-week-old rising trend-line near 0.9890.

Should sellers refrain from respecting immediate support-line, 38.2% Fibonacci retracement of August-September upside, at 0.9860, and a month-long ascending trend-line close to 0.9835 will be on the bears’ radar.

Alternatively, 0.9950 and 0.9980/85 holds the key to pair’s rally towards early-June tops surrounding 1.0020, adjacent to mid-May bottoms nearing 1.0050.

USD/CHF 4-hour chart, August-September 2019

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USD/CHF 4-hour chart, August-September 2019

- Click to enlarge

Trend: pullback expected

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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.
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