USD/CHF Price Analysis: Bears attack 200-DMA with eyes on 0.9157
- USD/CHF remains on the back foot for the second consecutive day.
- Break of six-week-old trend line joins bearish MACDI signal to favor bears.
- November 30 lures short-term sellers, 23.6% Fibonacci retracement adds to upside filters.
USD/CHF stays offered around a fortnight low, down 0.09% intraday near 0.9181 heading into Friday’s European session.
In doing so, the Swiss currency (CHF) pair sellers battle with the 200-DMA level after breaking an ascending support line from November 02 the previous day. Adding strength to the bearish bias is the MACD conditions and multiple rejections from 23.6% Fibonacci retracement (Fibo.) of June-November upside.
That said, the USD/CHF sellers are on the way to the November 30 low of 0.9157 but need validation from the 200-DMA level of 0.9180.
Following that, the 50% Fibo. and an ascending support line from early August, respectively around 0.9150 and 0.9125, will be in focus.
On the contrary, the corrective pullback will challenge the support-turned-resistance line near 0.9200.
Even so, USD/CHF bulls remain cautious until rising back beyond the 23.6% Fibonacci retracement level of 0.9267, which in turn will direct the advances towards November’s peak near 0.9375.
USD/CHF: Daily chart
Trend: Further weakness expected
Reprinted from FXStreet_id,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.