USD/CHF Price Analysis: Retreats from key SMAs towards 0.9600

USD/CHF renews intraday low around 0.9610, keeping the previous day’s pullback from the key SMAs during early Monday morning in Europe. Given the RSI  |  08/08/2022 06:16
  • USD/CHF takes offers to refresh intraday low, extends pullback from 100-SMA, 200-SMA.
  • RSI retreat, sluggish MACD signals also keep sellers hopeful.
  • One-week-old ascending trend line challenges bears, short-term bullish channel keeps buyers hopeful.

USD/CHF renews intraday low around 0.9610, keeping the previous day’s pullback from the key SMAs during early Monday morning in Europe.

Given the RSI retreat and the MACD line’s recent struggle, the USD/CHF prices are likely to extend the latest weakness towards the 0.9600 threshold.

However, a convergence of the one-week-old ascending trend channel’s support line and 23.6% Fibonacci retracement of the July 14 to August 02 downturn, close to 0.9570, could challenge the pair bears afterward.

In a case where USD/CHF sellers break the 0.9570 support, the odds of witnessing the fresh monthly low, currently around 0.9470 can’t be ruled out.

Alternatively, the 100-SMA and the 200-SMA limit the short upside moves of the pair respectively around 0.9635 and 0.9650.

During the quote’s run-up beyond 0.9650, the 50% Fibonacci retracement level and the upper line of the stated channel, close to 0.9680 and 0.9700 in that order, will be important to watch for the USD/CHF bulls.

Overall, USD/CHF is likely to consolidate recent gains inside a bullish chart pattern.

USD/CHF: Four-hour chart

Trend: Limited downside expected

 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com