Previous post Next post

USD/CHF technical analysis: Downside capped by immediate rising channel

  • USD/CHF pulls back from multi-day old falling trend line resistance.
  • 50% of Fibonacci retracement adds strength to the channel’s support.
Although a downward sloping trend line since October 03 recently triggered the USD/CHF pair’s pullback, prices still stay inside a short-term rising channel while taking rounds to 0.9950 during Asian session on Tuesday.

Not only the lower line of the seven-day-old ascending channel but 50% Fibonacci retracement level of current month declines also highlights the importance of 0.9933/30 as the key support.

On the upside, 61.8% Fibonacci retracement level of 0.9956 can be considered as an immediate resistance ahead of looking back to the descending trend line, around 0.9962.

It’s worth pointing that the pair’s rise past-0.9962 enables it to question mid-month top near 1.0000 while targeting a monthly high of 1.0028.

Alternatively, pair’s declines below 0.9930 set the tone for an extended downpour towards 0.9890 and a monthly bottom close to 0.9835.

USD/CHF 4-hour chart, October 2019

(see more posts on USD/CHF, )
USD/CHF 4-hour chart, October 2019

- Click to enlarge

Trend: further recovery expected

 

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-downside-capped-immediate-rising-channel/

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Your email address will not be published.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.