USDCHF Technical Analysis: Facing Near-Term Resistance

USDCHF – PRICE, CHART AND TECHNICAL ANALYSIS

• Heavy sell-off stalls for now.
• Fibonacci retracement and 200-day moving average may prove a difficult hurdle.

 shows retail are currently 66.3% net long the pair, and combined with retail being further net-long long than yesterday and last week gives us a stronger-bearish contrarian indicator.

SWISS FRANC REMAINS BID ON EM WOES, TRADE CONCERNS

USDCHF currently trades either side of 0.9700, near its recent four-and-a-half month low, as the Swiss France retains its safe-haven bid, as EM currencies slump and trade tensions ratchet up. The sharp fall seen in the second-half of August has stopped for now with the pair trying to push back. On the daily chart USDCHF may encounter resistance around 0.97300 where the 38.2% Fibonacci retracement level meets the 200-day moving average. This level may prove difficult to overcome in the current risk-off environment and the pair may look at the 50% retracement of the February-July rally at 0.96279 as the next level of support.

The RSI indicator remains in oversold territory and may provide short-term support, although the IG Client Sentiment indicator is currently flashing a bearing signal for the pair. Today’s turnover is thinned by a US Bank Holiday and traders should wait until the US fully returns to the fray on Tuesday to see if chart resistance remains.

USDCHFDAILY PRICE CHART (OCTOBER 2017 – SEPTEMBER 3, 2018)

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