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.
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