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USD/CHF technical analysis: 0.9912/15, 4H 200MA limit immediate upside

  • USD/CHF struggles to hold the latest recovery gains.
  • A seven-week-old rising trend line, 50% Fibonacci retracement acts as the closest upside barrier.
  • 61.8% of Fibonacci retracement offers adjacent support.
The USD/CHF pair’s recovery from 0.9840 seems to lack momentum as the quote witnesses a pullback to 0.9900 ahead of the European session opening on Wednesday.

With this, the 61.8% Fibonacci retracement level of September-October rise, at 0.9885, acts as the close support to watch as a break of which can recall 0.9840 on the chart.

Assuming the price decline below 0.9840, September month bottom close to 0.9800 will be on the sellers’ watch-list.

On the upside, a seven-week-old rising trend line, 50% Fibonacci retracement acts as an adjacent resistance, near 0.9912/15, ahead of 200-bar simple moving average on the four-hour chart (4H 200MA), at 0.9930 now.

It should, however, be noted that the pair’s rise past-0.9930 enables it to aim for 1.0000 round-figure and then rush to the monthly top surrounding 1.0015/20.

USD/CHF 4-hour chart

(see more posts on USD/CHF, )
USD/CHF 4-hour chart

- 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.
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Permanent link to this article: https://snbchf.com/2019/10/panchal-usd-chf-technical-analysis-9912-15-4h-200ma-limit-immediate-upside/

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