USD/CHF Price Analysis: Fades bounce off 200-DMA above 0.9600

USD/CHF struggles to extend the previous day’s run-up, remains sidelined of late.
Bearish MACD signals, 50-DMA challenge buyers amid sluggish session.
Multiple barriers to test sellers before directing them to yearly low.

Anil Panchal FXStreet

USD/CHF bulls take a breather around 0.9610, after rising the most in three months the previous day. In doing so, the Swiss currency (CHF) pair fails to extend the bounce off the 200-DMA during Wednesday’s sluggish Asian session.

That said, the bearish MACD signals and the failure to cross the 38.2% Fibonacci retracement level of June-August declines, around 0.9630, appear to lure the intraday sellers of the USD/CHF pair. Also acting as an immediate hurdle is the 50-DMA level near 0.9650.

In a case where the USD/CHF price rises beyond 0.9650, the 50% and the 61.8% Fibonacci retracement levels, around 0.9715 and 0.9795 respectively, could test the bulls before directing them to the key horizontal resistance area established in June near 0.9870-85.

Meanwhile, pullback moves could initially aim for the 23.6% Fibonacci retracement level near 0.9530 ahead of revisiting the 200-DMA support close to 0.9480.

Following that, the 0.9400 threshold and the previous monthly low near 0.9370 could entertain the USD/CHF bears before directing them to the yearly bottom surrounding 0.9090.

Overall, USD/CHF bulls need validation from the 50-DMA to retake control.

USD/CHF: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.961
Today Daily Change	-0.0006
Today Daily Change %	-0.06%
Today daily open	0.9616

Trends
Daily SMA20	0.968
Daily SMA50	0.9648
Daily SMA100	0.9693
Daily SMA200	0.9478

Levels
Previous Daily High	0.9634
Previous Daily Low	0.948
Previous Weekly High	0.987
Previous Weekly Low	0.9547
Previous Monthly High	0.9808
Previous Monthly Low	0.9371
Daily Fibonacci 38.2%	0.9575
Daily Fibonacci 61.8%	0.9538
Daily Pivot Point S1	0.9519
Daily Pivot Point S2	0.9422
Daily Pivot Point S3	0.9365
Daily Pivot Point R1	0.9673
Daily Pivot Point R2	0.973
Daily Pivot Point R3	0.9827

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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