- May 8, 2020
- Posted by: Analysis Team
- Category: Forex News
USD/CHF carries recovery moves from late-Tuesday.
A confluence of 100/200-HMAs and 38.2% Fibonacci retracement offer strong support.
The short-term horizontal resistance guards immediate upside.
USD/CHF trades near 0.9720, down 0.10% on a day while heading into the European session on Friday.
In doing so, the pair carries its bounce off three-day-old horizontal support.
As a result, 23.6% Fibonacci retracement level of the pair’s one-week-old rise, around 0.9740 lures the buyers.
However, a horizontal line from Wednesday, around 0.9760 holds the gate for the pair’s further run-up towards the monthly high of 0.9784.
On the downside, the aforementioned horizontal support around 0.9715 acts as an immediate challenge to the sellers.
Following that, a confluence of 100/200-HMAs and 38.2% Fibonacci retracement around 0.9710/05 becomes a tough nut to crack for them.
USD/CHF hourly chart
Trend: Further recovery expected