USD/CHF declines from the highest in nearly six weeks. 61.8% of Fibonacci retracement acts as immediate support. Monthly trend line resistance limits nearby upside. USD/CHF takes U-turn from one-month-old resistance line while trading around 0.9965 amid the initial trading session on Tuesday. Given the gradual pullback in the 14-bar Relative Strength Index (RSI) from the overbought conditions, prices might witness additional downside. In doing so, 61.8% Fibonacci retracement of October month downside, at 0.9935, acts as immediate support. However, 200-bar Simple Moving Average (SMA) and one-week-old rising trend line, around 0.9920, will challenge bears afterward. On the upside, the pair’s successful rise past-0.9990 resistance line needs to conquer 1.0000
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- USD/CHF declines from the highest in nearly six weeks.
- 61.8% of Fibonacci retracement acts as immediate support.
- Monthly trend line resistance limits nearby upside.
| USD/CHF takes U-turn from one-month-old resistance line while trading around 0.9965 amid the initial trading session on Tuesday.
Given the gradual pullback in the 14-bar Relative Strength Index (RSI) from the overbought conditions, prices might witness additional downside. In doing so, 61.8% Fibonacci retracement of October month downside, at 0.9935, acts as immediate support. However, 200-bar Simple Moving Average (SMA) and one-week-old rising trend line, around 0.9920, will challenge bears afterward. On the upside, the pair’s successful rise past-0.9990 resistance line needs to conquer 1.0000 psychological magnet to lure buyers towards the previous month high near 1.0030. |
USD/CHF 4-hour chart(see more posts on USD/CHF, ) - Click to enlarge |
Trend: Pullback expected
Tags: Featured,newsletter,USD/CHF