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USD/CHF technical analysis: Downside limited by nearby rising trendline, 0.9937/35 confluence

  • USD/CHF seesaws around 23.6% Fibonacci retracement after witnessing multiple failures to cross 1.0030.
  • A nine-day-old rising trend-line, followed by a confluence of 200-HMA/50% Fibonacci retracement limits near-term declines.
Despite witnessing pullbacks from 1.0030, USD/CHF is yet to slip beneath key supports as it clings to 0.9985 during early Friday.

The pair seesaws near 23.6% Fibonacci retracement of its upswing from last Tuesday and can revisit 38.2% Fibonacci retracement level surrounding 0.9960 during further declines.

However, an upward sloping trend-line since September 24, at 0.9950, followed by a  200-hour simple moving average (HMA) and 50% Fibonacci retracement, near 0.9937/35, could question pair’s further south-run.

Should there be increased downside pressure below 0.9935, September 27 low close to 0.9900 will be sellers’ choice.

Meanwhile, pair’s successful rise above 1.0030 could propel it to the late-May top adjacent to 1.0100.

USD/CHF hourly chart, September - October 2019

(see more posts on USD/CHF, )
USD/CHF hourly chart, September - 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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