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USD/CHF technical analysis: Repeated bounces off 50 percent Fibo. keeps bullish bias intact

  • USD/CHF nears 100-day SMA amid yet another bounce off 50% Fibonacci retracement.
  • 61.8% of Fibonacci retracement adds support to the downside.
With its yet another bounce off 50% Fibonacci retracement of August-October advances, USD/CHF nears 100-day Simple Moving Average (SMA) while taking the bids to 0.9865 amid initial trading on Monday.

Should prices manage to close beyond a 100-day SMA level of 0.9871, early October lows near 0.9900 and 0.9940/43 resistance confluence, including a monthly falling trend line and 23.6% Fibonacci retracement, holds the key to pair’s rise towards 200-day SMA level of 0.9955.

In a case where the quote rallies beyond 0.9955, 1.0000 and the previous month high close to 1.0030 will be the key to watch.

If at all sellers sneak in around 50% Fibonacci retracement level of 0.9843, an extended decline below 61.8% Fibonacci retracement level of 0.9800 is widely anticipated.

Additionally, a sustained trading below 0.9800 could give rise to late-August low, near 0.9715, on the bear’s radar.

USD/CHF daily chart

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

- 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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Permanent link to this article: https://snbchf.com/2019/11/panchal-usd-chf-technical-analysis-bounces-50-fibo-keeps-bullish-bias-intact/

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