USD/CHF Price Analysis: Picks bids near 50% Fibo retracement at 0.9310
24.03.2022, 05:22

USD/CHF Price Analysis: Picks bids near 50% Fibo retracement at 0.9310

  • USD/CHF is juggling in a range of 0.9295-0.9356 on descending triangle formation.
  • The 50 and 200-period EMAs are overlapping each other.
  • The major is likely to expose to 61.8% Fibo retracement at 0.9270.

The USD/CHF pair is oscillating in a narrow range of 0.9295-0.9356 after sensing significant bids near Monday’s low at 0.9294. The pair has been plunging from the last week after registering a fresh yearly high at 0.9460.

On an hourly scale, USD/CHF has been bounced sharply after sensing ground near 50% Fibonacci retracement (placed from monthly low at 0.9150 to March 16 high at 0.9460) at 0.9307. The asset is auctioning in a descending triangle formation in which the downside remains capped while the asset updates its highs after some intervals until it breaks. The downside of the descending triangle formation is capped around Monday’s low at 0.9294 while the downward trending trendline is placed from Tuesday’s high at 0.9376.

The 50 and 200-period Exponential Moving Averages (EMAs) are overlapping each other, which signals a consolidation ahead.

Also, the Relative Strength Index (RSI) (14) has entered into a consolidation range of 40.00-60.00.

Should the asset violate Wednesday’s high at 0.9358, the major will be driven towards 23.6% Fibo retracement at 0.9388. Breach of the latter will expose the greenback bulls to March 15 high at 0.9432.

On the flip side, if the asset drops below Monday’s low at 0.9294, bears may get control and the pair will slip face 61.8% Fibo retracement at 0.9270, followed by March 2 high at 0.9240.

USD/CHF hourly chart

 

 

 

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