USD/CHF Price Analysis: 50-DMA challenges bears at two-week low
Article Banner

USD/CHF Price Analysis: 50-DMA challenges bears at two-week low

  • USD/CHF remains depressed at the lowest levels in 13 days.
  • Clear downside break of one-month-old ascending trend line, the first bearish MACD signal in many days favor Swiss Franc buyers.
  • Recovery moves need validation from 100-DMA, RSI suggests continuation of downtrend.

USD/CHF bears take a breather at the lowest level in a fortnight, making rounds to 0.8990 heading into Friday’s European session. In doing so, the Swiss Franc (CHF) pair jostles with the 50-DMA support to extend the previous day’s fall, the biggest in seven months.

It should be noted that the major currency pair’s clear downside break of a one-month-old ascending support line triggered the quote’s major fall on Thursday.

That said, the quote’s latest inaction fails to push back the USD/CHF bears amid the MACD indicator’s first bearish signal since late April, as well as amid the steady RSI (14) line.

Hence, the sellers are to stay on the way to the multi-month low marked in May around 0.8820 even if the 50-DMA support of 0.8988 prods the south-run of late. With this, the Swiss Franc pair sellers may aim for the 0.8800 round figure.

Alternatively, an upside break of the previous support line stretched from early May, around 0.9085, isn’t an open invitation to the USD/CHF bulls.

The reason could be linked to the pair’s U-turn from the 100-DMA and 50% Fibonacci retracement of the March-May fall, respectively near 0.9120 and 0.9135.

USD/CHF: Daily chart

Trend: Further downside expected

Additional important levels

Today last price 0.8992
Today Daily Change 0.0001
Today Daily Change % 0.01%
Today daily open 0.8991
Daily SMA20 0.9034
Daily SMA50 0.8992
Daily SMA100 0.9121
Daily SMA200 0.9362
Previous Daily High 0.9108
Previous Daily Low 0.899
Previous Weekly High 0.9148
Previous Weekly Low 0.9014
Previous Monthly High 0.9148
Previous Monthly Low 0.882
Daily Fibonacci 38.2% 0.9035
Daily Fibonacci 61.8% 0.9063
Daily Pivot Point S1 0.8951
Daily Pivot Point S2 0.8912
Daily Pivot Point S3 0.8833
Daily Pivot Point R1 0.9069
Daily Pivot Point R2 0.9147
Daily Pivot Point R3 0.9187