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The USD/CHF pair encounters resistance around 0.9840, which is close to the 61.8 percent Fibo retracement level

Alina Haynes

Jul 13, 2022 10:51

 截屏2022-07-13 上午9.49.25.png

 

The USD/CHF pair has demonstrated a less certain return following a corrective slide from Tuesday's high of 0.9858. Since the asset's low of 0.9495 on June 29, bulls have maintained control of it.

 

The asset was unable to continue trading above the 0.9839, or 61.8 percent, Fibonacci retracement (which is based on the high in June of 1.0050 and the low on June 29 of 0.9495). However, a little decline following Tuesday's 0.9859 high does not signify a bearish reversal.

 

The 20-period and 50-period Exponential Advancing Averages (EMAs) are moving quickly at 0.9744 and 0.9733, respectively, adding to the upward filters.

 

Additionally, the Relative Strength Index (14) has not yet left the bullish region of 60.00-80.00, suggesting that further higher movement is still possible. However, given the overbought situation, more declines cannot be ruled out.

 

The asset will hit the round-level barrier at 0.9900 and the beginning price on June 16 at 0.9950 with a clear breach of Tuesday's top at 0.9859.

 

The Swiss franc bulls, on the other hand, might become more powerful if the asset drops below the 0.9708 38.2 percent Fibo retracement line. If the same thing happens again, the asset will reach its peak on July 1 of 0.9642. If the asset drops below the 1 July high, it will be more vulnerable to losses below the 0.9562 low on 4 July.

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