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USD/CHF Price Analysis: Bears will keep eyes on support trendline from 2015

  • USD/CHF remains on the back foot despite recovering off-late.
  • 61.8% of Fibonacci retracement will be on the sellers’ radars.
  • Buyers are less likely to take the risk unless revisiting early-2020 levels.
USD/CHF registers 1.36% loss to 0.9260 while heading into the European open on Monday. The pair earlier dropped below the longer-term support line, stretched from May 2015, but fails to stay beneath the same off-late.

As a result, the bears will await a sustained fall below the 0.9260/55 support-zone to aim for 61.8% Fibonacci retracement of the 2015-16 upside, at 0.9115.

During the quote’s additional downside below 0.9115, May 2015 low near 0.9070 and 0.9000 will lure the bears.

On the upside, 50% Fibonacci retracement level of 0.9350 and September 2018 bottom close to 0.9540 can curb the short-term bounce.

However, buyers will remain a sceptic of any run-up below January month low near 0.9615.

USD/CHF weekly chart

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

- Click to enlarge

Trend: Bearish

 

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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/2020/03/panchal-usd-chf-price-analysis-bears-keep-eyes-support-trendline-2015/

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