- Analytics
- News and Tools
- Market News
- USD/CHF Price Analysis: Retreats from 200-HMA inside weekly rising wedge
USD/CHF Price Analysis: Retreats from 200-HMA inside weekly rising wedge
- USD/CHF eases from weekly top after three-day uptrend, inside bearish chart pattern.
- 100-HMA, 23.6% Fibonacci retracement adds to the downside filters, bulls need validation from monthly peak.
USD/CHF pauses weekly rebound, easing to 0.9167 ahead of Wednesday’s European session. In doing so, the Swiss currency (CHF) pair steps back from the 200-HMA inside a short-term rising wedge bearish chart pattern.
Given the pair’s failure to cross the key HMA, coupled with the firmer Momentum and bearish chart pattern, its further declines are likely on the table.
However, a clear downside break of the stated wedge’s support line, near 0.9155, becomes necessary for the USD/CHF sellers to aim for the theoretical target of 0.9070.
Though, a convergence of the 100-HMA and 23.6% Fibonacci retracement (Fibo.) level of January 11-13 downside, near 0.9135, becomes a crucial intermediate halt to test bears.
Meanwhile, the 200-HMA and upper line of the stated wedge, respectively around 0.9180 and 0.9185, guard the quote’s short-term rebound.
Following that, the 61.8% Fibo. level and the monthly high, close to 0.9205 and 0.9280 in that order, will be in focus.
USD/CHF: Hourly chart
Trend: Pullback expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
