Previous post Next post

USD/CHF technical analysis: Bearish MACD questions upside beyond 21/200-day EMA

  • USD/CHF trades near the weekly top following a sustained break of the key resistance confluence.
  • 50% Fibonacci retracement, multiple resistance lines on the buyers’ radar.
On early Friday, the USD/CHF pair trades successfully above 21 and 200-day Exponential Moving Average (EMA) confluence while taking the bids to 0.9925.

However, the bearish signal from 12-bar Moving Average Convergence and Divergence (MACD) raises doubts over the pair’s further upside. If not, 50% Fibonacci retracement level of April-August declines, at 0.9950, followed by three-week-old falling trend line, at 0.9965, could keep buyers in check.

Should there be a price rally beyond 0.9965, a downward sloping resistance line since early May month, at 1.0000 round-figure, will be in the spotlight.

Alternatively, pair’s daily closing below 0.9920/15 support-confluence seems to recall 38.2% Fibonacci retracement of 0.9880 and the monthly bottom close to 0.9835.

USD/CHF daily chart

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

- Click to enlarge

Trend: Recovery likely to stall

 

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-bearish-macd-questions-upside-21-200-ema/

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Your email address will not be published.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.