While extending its U-turn from 50-day EMA, USD/CHF drops 0.30% to 0.9583 ahead of the European session on Wednesday. The pair currently declines towards 38.2% Fibonacci retracement of its fall from November 2019, at 0.9500. However, an upward sloping trend line since March 09, near 0.9470 now, could restrict further downside. In a case where the bears dominate past-0.9470, 0.9400 and 0.9320 will offer intermediate halts to the pair’s southward trajectory towards the monthly low around 0.9180. Meanwhile, a daily closing beyond 50-day EMA level of 0.9650 needs to overcome 61.8% of Fibonacci retracement, close to 0.9700, ahead of confronting 200-day EMA figures surrounding 0.9800. Should there be a clear run-up past-0.9800, November month highs close to 1.0023 may lure the bulls. |
USD/CHF daily chart(see more posts on USD/CHF, ) - Click to enlarge |
Trend: Pullback expected
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