USD/CHF Price Analysis: 17-week-old falling trendline, 61.8 percent Fibonacci on bears’ radar

Summary:
USD/CHF remains on the back foot near the multi-week low. Bearish MACD signals further downside, key support question the sellers. 200-week SMA acts as the key upside barrier. Despite bouncing off September 2018 lows, USD/CHF stays 0.11% down while trading around 0.9640 during early Monday. Also portraying the pair’s weakness are bearish conditions of MACD. That said, a downward sloping trend line since early October 2019, at 0.9600 now, acts as the immediate support. Also challenging the sellers is 61.8% Fibonacci retracement of the pair’s rise from February 2018 to April 2019, at 0.9585. In a case where the bears manage to conquer 0.9585 on a weekly closing basis, September 2018 bottom surrounding 0.9540 will return to the charts. Alternatively, 50% of Fibonacci

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

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