USD/CHF Price Analysis: Sellers catch a breath around 61.8% Fibonacci

Summary:
USD/CHF stalls the previous day’s declines after breaking the weekly support line (now resistance). Late-December lows limit immediate upside, 50% Fibonacci can check the declines. Bearish MACD favors further weakness in the quote. USD/CHF clings to 0.9755 during the pre-European session on Wednesday. The pair snapped six-day winning streak on the break of an ascending trendline since February 03. However, 61.8% Fibonacci retracement of December 24-January 16 fall restricts the pair’s immediate declines. Also increasing the odds for the pair’s further downside below the key        0.9750 support are bearish MACD signals, which in turn could drag the quote to January 22 high near 0.9730. During the pair’s further weakness past-0.9730, 50% of Fibonacci retracement

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

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