USD/CHF Price Analysis: Bears hold the baton despite recent recovery

Summary:
USD/CHF stays beyond 23.6% Fibonacci retracement but fails to clear a fortnight-long falling trend line. 200-bar SMA, 61.8% Fibonacci retracement add to resistance. USD/CHF pierces 0.9700 by the press time of early Tuesday. The pair have recently been recovering but a downward sloping trend line since January 16 caps immediate upside. Even if the buyers cross 0.9715 resistance line, 200-bar SMA and 61.8% Fibonacci retracement of its December 24, 20119 to January 16, 2020 fall, near 0.9735 and 0.9750 respectively, could challenge the bulls. In a case where the USD/CHF prices rally beyond 0.9750, January 10 top surrounding 0.9765 could challenge further upside. Meanwhile, 23.6% Fibonacci retracement, at 0.9665, holds the key to pair’s declines towards the monthly

Topics:
Anil Panchal considers the following as important: 1) SNB and CHF, 1.) FXStreet on SNB&CHF, Featured, newsletter

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