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USD/CHF Technical Analysis: 200-day SMA, 7-week-old trendline cap rise to 8-day high

  • Following its latest recovery, USD/CHF rises to the highest since the previous Tuesday.
  • 200-day SMA and multi-week-old resistance line hold the key to pair’s run-up towards 1.0000 mark.
  • 0.9870 can entertain short-term sellers.
Based on its U-turn from 0.9870, the USD/CHF pair current takes the bids to the highest in eight-day while trading around 0.9940 during early Friday.

However, 200-day Simple Moving Average (SMA) and a downward sloping trend line since October-starts, around 0.9950 and 0.9965 respectively, stand tall to challenge buyers.

It’s worth mentioning that the pair’s run-up beyond 0.9965 enables it to claim 1.0000 round-figure whereas the previous month high close to 1.0030 could challenge bulls then after.

Should prices take a U-turn from the present levels, 0.9870 can act as nearby key support ahead of October month low near 0.9835.

Additionally, the pair’s extended downpour beneath 0.9835 emphasizes on 0.9800/0.9795 area including September bottom and 61.8% Fibonacci retracement of August-October upside.

USD/CHF daily chart

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USD/CHF daily chart

- Click to enlarge

Trend: Pullback expected

 

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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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