Previous post Next post

USD/CHF technical analysis: 50-day SMA limits immediate upside amid bearish MACD

  • USD/CHF struggles around 38.2% Fibonacci retracement after declining to a three-week low.
  • Bearish MACD favors further downpour to 0.9800/9795 support-zone.
With its sustained trading below 50-day SMA, coupled with the bearish MACD, USD/CHF stays on the sellers’ radar even if it clings to 0.9880 during early Friday.

The September 24 low nearing 0.9840 acts as immediate support for the pair while the previous month low and 23.6% Fibonacci retracement of April-August south-run, close to 0.9800/9795 support-zone, could restrict further downside.

During the pair’s further weakness below 0.9795, 0.9715 and 0.9690 will become bears’ favorites.

Should traders ignore a bearish signal from the 12-bar Moving Average Convergence and Divergence (MACD), they need to provide a daily closing beyond 50-day Simple Moving Average (SMA) surrounding 0.9885 to aim for last week’s low near 0.9905.

However, odds of short-term weakness can’t be defied unless the pair rises back beyond 0.9947/50 confluence including a two-month-old rising trend line and 50% Fibonacci retracement.

USD/CHF daily chart, April-October 2019

(see more posts on USD/CHF, )
USD/CHF daily chart, April-October 2019

- 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 1.) FXStreet on SNB&CHF Next post
Tags: ,

Permanent link to this article: https://snbchf.com/2019/10/panchal-usd-chf-technical-analysis-50-sma-limits-immediate-upside-amid-bearish-macd/

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Your email address will not be published.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.