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USD/CHF Technical Analysis: 38.2 percent Fibonacci, 200-DMA doubt pullback from monthly low

  • USD/CHF recovers from four weeks’ low.
  • 50% Fibonacci retracement level, October bottom restrict further downside.
  • 200-DMA breakout will again highlight 1.0000 psychological magnet.
USD/CHF seesaws around 0.9873 while heading into the European session on Wednesday. The quote dropped to the lowest since early November on Tuesday but pulls back off-late.

The pair’s refrain to drop further below the latest bottom seems to prepare for a confrontation to 38.2% Fibonacci retracement of August-October rise, near 0.9890. Though, 200-Day Simple Moving Average (DMA), at 0.9920 now, seems to restrict the quote’s advances afterward.

If at all bulls manage to cross 200-DMA, 0.9980 and 1.0000 could regain market attention.

On the downside, 50% Fibonacci retracement and October month trough surrounding 0.9845/37 could keep the short-term declines limited.

However, a sustained downpour beneath 0.9837 might not refrain from challenging 61.8% Fibonacci retracement level of 0.9800.

USD/CHF daily chart

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USD/CHF daily chart

- Click to enlarge

Trend: Recovery anticipated

 

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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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