Previous post Next post

USD/CHF Price Analysis: Depressed below monthly rising trendline, 50-day SMA

  • USD/CHF remains on the back foot after breaking near-term key supports, Good Friday holiday restricts the moves.
  • Late-March lows, 61.8% Fibonacci retracement on sellers’ radars.
  • 200-day SMA adds to the resistance beyond the latest ones.
Although Good Friday’s inactive session restricts USD/CHF moves, the pair remains on the back foot around 0.9660 after breaking near-term key supports the previous day.

Considering the pair’s sustained trading below 50-day SMA and a month-old rising trend line, it is expected to extend the drop towards 38.2% and 50% Fibonacci retracement of its March month upside, respectively near 0.9630 and 0.9540.

It should also be noted that the March 30 low around 0.9500 and 61.8% Fibonacci retracement close to 0.9460 could please the bears below 0.9540.

Meanwhile, the pair’s ability to cross 0.9675/85 support-turned-resistance area could pull it back towards 23.6% Fibonacci retracement figure around 0.9735.

However, buyers are less likely to be called back unless the quote registers a daily closing past-200-day SMA level of 0.9805.

USD/CHF daily chart

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

- Click to enlarge

Trend: Further downside expected

 

Full story here
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.
Previous post See more for 1.) FXStreet on SNB&CHF Next post
Tags:

Permanent link to this article: https://snbchf.com/2020/04/panchal-usd-chf-price-analysis-depressed-below-rising-trendline-50-sma/

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.