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USD/CHF technical analysis: Bulls await upside break of 61.8 percent Fibo.

  • USD/CHF stays positive above 200-day SMA, 50% Fibonacci retracement.
  • A sustained run-up beyond 61.8% Fibonacci retracement can aim for late-May highs.
Despite successfully trading above key support confluence, the USD/CHF pair fails to provide a daily closing above 61.8% Fibonacci retracement of April-August downpour. The quote takes the bids to 0.9975 while heading into the European open on Thursday.

Given the bullish signals from 12-bar moving average convergence and divergence (MACD) and 14-bar relative strength index (RSI), the pair is likely to extend north-run towards late-May highs surrounding 1.0100 if successfully closing above the key Fibonacci retracement level of 1.0016.

On the contrary, a 200-day simple moving average (SMA) and 50% Fibonacci retracement offer important support close to 0.9948/50, a break of which could quick drag prices to the six-week-old rising trend-line, at 0.9880.

If at all bears manage to dominate below 0.9880, 0.9845/40 and 0.9800 will appear on their watch-list.

USD/CHF daily chart, April-October 2019

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

- Click to enlarge

Trend: bullish

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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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