- USD/CHF extends gradual declines from the monthly top marked the last-Monday.
- A descending trend line support, 61.8% Fibonacci retracement may offer intermediate rests during the downside.
- 0.9745/50 can act as a buffer resistance beyond 100-HMA.
| USD/CHF remains under pressure while taking rounds to 0.9655, down 0.05% on a daily, amid the early trading session on Monday.
The pair currently tests 50% Fibonacci retracement of its upside from March 27 to April 06. However, a descending trend line from last-Monday, at 0.9685, followed by a 100-HMA level of 0.9693, restricts the pair’s recovery moves. Should there be a clear upside past-0.9693, the pair can cross 0.9700 mark to aim for 0.9745/50 area comprising multiple lows/highs marked during early-April. Meanwhile, a downward sloping trend line from April 03, around 0.9620 now, can restrict the pair’s immediate declines ahead of 61.8% Fibonacci retracement level of 0.9615. It’s worth mentioning that the pair’s declines below 0.9615 will need validation from 0.9600 round-figure before targeting 0.9550 and March 29 low near 0.9500. |
USD/CHF hourly chart(see more posts on USD/CHF, ) - Click to enlarge |
Trend: Bearish
Full story here Are you the author?
You Might Also Like
Weekly SNB Sight Deposits and Speculative Positions: SNB buying euros at high prices – February 22, 2021
2021-02-22
Update February 22 2021: SNB intervening. Sight Deposits have risen by +0.1 bn CHF, this means that the SNB is intervening and buying Euros and Dollars: The change is +0.1 bn. compared to last week.
FX Daily, January 19: Even When She Speaks Softly, She’s Yellen
2021-01-19
Overview: The animal spirits are on the march today. Equities are mostly higher, peripheral European bonds are firm, and the dollar is mostly softer. After posting the first back-to-back decline this year, the MSCI Asia Pacific Index bounced back today, led by a 2.7% gain in Hong Kong (20-month high) and a 2.6% rise in South Korea’s Kospi.
FX Daily, January 08: Can the Dollar Find Traction Even if the Employment Data Disappoint?
2021-01-08
The global equity rally picked up this week as it closed in 2019. The MSCI Asia Pacific Index gained today and is up in nine of the past 10 sessions. It has fallen only in one week since the end of October. South Korea’s Kospi led today’s advance with a nearly 4% rally on the back of talks that were later played down between Hyundai and Apple.
FX Daily, November 25: Risk Appetites Stall Ahead of the US Thanksgiving Holiday
2020-11-25
The global equity rally appears to be stalling after the US markets rallied strongly yesterday. Chinese, Taiwan, Korean, and Indian indices fell, and the MSCI Asia Pacific Index appears to have posted only its second loss this month. European shares are narrowly mixed, leaving the Dow Jones Stoxx 600 little changed.
FX Daily, November 6: A Pause that Refreshens?
2020-11-06
Investors have piled into risk assets this week, seemingly undeterred by the US elections’ lack of a clear outcome. The coronavirus is still surging, and a new complication has emerged. A mutation of the virus, originating in minks (Denmark), could pose a challenge in developing a vaccine. MSCI Asia Pacific Index rose for the fifth consecutive session today to end its best week since April.
FINMA rügt Bank SYZ wegen Verstössen in der Geldwäschereibekämpfung
2020-09-26
Die Eidgenössische Finanzmarktaufsicht FINMA hat in einem Enforcementverfahren festgestellt, dass die Bank SYZ SA gegen die Geldwäschereibestimmungen verstossen hatte. Die Verstösse erfolgten im Kontext einer sehr bedeutenden Geschäftsbeziehung mit einem Kunden aus Angola.
FX Daily, September 24: Darkest Before Dawn
2020-09-24
The two recent market developments, push lower in stocks, and higher in the dollar is continuing. Tuesday’s gains in the S&P 500 and NASDAQ were unwound on Wednesday and this is helping drag global markets lower. The MSCI Asia Pacific Index fell for the fourth consecutive session today and many markets (India, Shenzhen, Taiwan, and Korea) fell more than 2% and most others were off more than 1%.
Tags: newsletter,USD/CHF
