The USD/CHF extends its weekly losses and falls for the third consecutive day, tumbling below the 100-day EMA and beneath 0.9600, on worst than estimated US GDP figures that showed the US economy is in a technical recession. At the time of writing, the USD/CHF is trading at 0.9576.
The USD/CHF price action on Wednesday sent the pair sliding under the 100-day EMA at 0.9610 and recorded a daily close below 0.9600. However, USD/CHF buyers lifted the pair as sentiment shifted sour. Nevertheless, solid resistance above, like the 61.8% Fibonacci retracement at 0.9644 and the 100-day EMA, were difficult ceiling levels to overcome, and sellers outweighed buyers. Hence, the USD/CHF plunged 70 pips from its daily highs.
The USD/CHF hourly chart depicts the pair as downward biased. The major tumbled below the 100, 50, and 20-hour EMAs, but the fall was capped around the S1 daily pivot, around 0.9562. If USD/CHF buyers want to regain control, they will need a decisive break above the 200-hour EMA at 0.9665; otherwise, sellers are in charge.
Therefore, the USD/CHF first support will be the S1 pivot point at 0.9562. A breach of the latter will expose the S2 daily pivot at 0.9536, which, once cleared, will leave the major vulnerable to fall towards 0.9500.
© 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.