USD/CHF Price Analysis: 21-day SMA limits immediate downside

Summary:
USD/CHF confronts 23.6% Fibonacci retracement following the bounce off 21-day SMA. Early month lows add to the support while 38.2% Fibonacci retracement, 50-day SMA will challenge recovery moves. USD/CHF takes the bids to 0.9707 during the pre-Europe session on Friday. In doing so, the pair repeats the tendency of staying beyond 21-day SMA while also confronting 23.6% Fibonacci retracement of its declines from November 29, 2019, to January 16, 2020. The sustained trading above short-term SMA is likely to extend the pair’s pullback moves toward a 38.2% Fibonacci retracement level of 0.9770, following the clear break of 0.9820 mark comprising 23.6% of Fibonacci retracement. However, a 50-day SMA level near 0.9781 and late-December 2019 top surrounding 0.9830 will

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

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