Monday , December 23 2024
Home / SNB & CHF / USD/CHF Price Analysis: 17-week-old falling trendline, 61.8 percent Fibonacci on bears’ radar

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: , , ,

This could be interesting, too:

Nachrichten Ticker - www.finanzen.ch writes Krypto-Ausblick 2025: Stehen Bitcoin, Ethereum & Co. vor einem Boom oder Einbruch?

Connor O'Keeffe writes The Establishment’s “Principles” Are Fake

Per Bylund writes Bitcoiners’ Guide to Austrian Economics

Ron Paul writes What Are We Doing in Syria?

  • 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 retracement and late-February lows can question the pair’s immediate recovery around 0.9710 and 0.9770 respectively.

It should, however, be noted that the quote’s upside past-0.9770 will find it tough to cross 38.2% Fibonacci retracement and 200-week SMA, currently around 0.9835 and 0.9850 in that order.

USD/CHF weekly chart

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

- Click to enlarge

Trend: Bearish


Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *