USD/CHF Price Analysis: 50-DMA challenges buyers above 0.9600

USD/CHF picks up bids to reverse the previous day’s pullback from the key DMA.
Bearish MACD signals, failures to cross 50-DMA favor sellers.
Buyers need to cross the 61.8% Fibonacci retracement level to retake control.

Anil Panchal FXStreet

USD/CHF redirects the upside momentum towards the 50-DMA hurdle while picking up bids near 0.9620 during Friday’s Asian session.

In doing so, the Swiss currency (CHF) pair defends the previous day’s rebound from the 38.2% Fibonacci retracement level (Fibo.) of July-August downside, around 0.9570, to aim for the 50-DMA resistance, close to 0.9640 by the press time.

However, the bearish MACD signals and steady RSI suggest another failure of the USD/CHF to cross the immediate DMA resistance.

Even if the quote rises past 0.9640 hurdle, the 61.8% Fibonacci retracement level around 0.9690 and the 0.9700 threshold could test the USD/CHF bulls.

Alternatively, the downside break of the 38.2% Fibo. close to 0.9570 could quickly direct the quote towards the 0.9490-80 support confluence including the 200-DMA and the 23.6% Fibonacci retracement level.

In a case where the USD/CHF remains weak past 0.9480, the odds of witnessing a slump towards the previous monthly low of 0.9370 can’t be ruled out.

USD/CHF: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.962
Today Daily Change	-0.0002
Today Daily Change %	-0.02%
Today daily open	0.9622

Trends
Daily SMA20	0.9686
Daily SMA50	0.9647
Daily SMA100	0.9693
Daily SMA200	0.948

Levels
Previous Daily High	0.9637
Previous Daily Low	0.9589
Previous Weekly High	0.987
Previous Weekly Low	0.9547
Previous Monthly High	0.9808
Previous Monthly Low	0.9371
Daily Fibonacci 38.2%	0.9619
Daily Fibonacci 61.8%	0.9607
Daily Pivot Point S1	0.9595
Daily Pivot Point S2	0.9568
Daily Pivot Point S3	0.9548
Daily Pivot Point R1	0.9643
Daily Pivot Point R2	0.9663
Daily Pivot Point R3	0.969

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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