- October 15, 2020
- Posted by: Analysis Team
- Category: Forex News
- USD/CHF directs the previous day’s failure to cross 0.9150 towards 0.9100 round-figure.
- 50-day SMA, 61.8% Fibonacci retracement offer immediate supports amid bearish MACD.
- Bulls can target 0.9200 after the trendline break.
USD/CHF drops to 0.9131, down 0.05%, while heading into the European session on Thursday. In doing so, the pair respects the previous day’s pullback from a falling trend line stretched from September 28. Additionally, bearish MACD and Wednesday’s hanging man candlestick offer extra support to the pair sellers.
As a result, the immediate support of 50-day SMA, near 0.9130, followed by 61.8% Fibonacci retracement of September month’s upside, near 0.9110, may fail to stop the USD/CHF bears before offering them the 0.9100 thresholds.
Though, the monthly low of 0.9087 and the September 10 bottom around 0.9050 can surely challenge the quote’s further selling towards the prior month’s low of 0.8998.
On the upside, a clear break of the mentioned trend line, at 0.9140 now, will trigger a fresh run-up towards the previous week’s peak near 0.9200 However, the monthly high near 0.9220 and 0.9245 can probe USD/CHF upside then after.
During the quote’s sustained rise past-0.9245, September 25 peak close to 0.9300 will lure the buyers.
USD/CHF DAILY CHART