USD/CHF Technical Analysis: 100-day MA support could be put to test today

The corrective bounce in the USD/CHF pair has likely ended and the sell-off from the recent high of 1.0128 looks set to resume, according to technical charts. As of writing, the spot is trading at 0.9947 and could drop to the 100-day moving average (MA) of 0.9888 later today.

Hourly chart As can be seen above, the corrective bounce called by the bullish divergence of the RSI is struggling to cross the downward sloping (bearish) 50-hour MA. The repeated failure to beat that average could be considered a sign the recovery has ended.


Daily chart The bearish view put forward by the negative RSI divergence on Nov. 13 has gained more credence in the last few days, courtesy of the bearish crossover between the 5- and 10-day MAs, RSI’s move below 50.00 and pair’s drop to a one-month low of 0.9909. Simply put, the bear grip has strengthened in the last few days. As a result, a drop to 100-day MA could be in the offing.

Trend: Bearish

USD/CHF

Overview:
Last Price: 0.9944
Daily change: -8.0 pips
Daily change: -0.0804%
Daily Open: 0.9952

Trends:
Daily SMA20: 1.0027
Daily SMA50: 0.9896
Daily SMA100: 0.989
Daily SMA200: 0.98

Levels:
Daily High: 0.996
Daily Low: 0.9908
Weekly High: 1.013
Weekly Low: 0.999
Monthly High: 1.0096
Monthly Low: 0.9801
Daily Fibonacci 38.2%: 0.994
Daily Fibonacci 61.8%: 0.9928
Daily Pivot Point S1: 0.992
Daily Pivot Point S2: 0.9889
Daily Pivot Point S3: 0.9869
Daily Pivot Point R1: 0.9971
Daily Pivot Point R2: 0.9991
Daily Pivot Point R3: 1.0022

Source: https://www.forexcrunch.com/usd-chf-tec ... est-today/