Important CHF Pairs: Technical Check

USD/CHF

Following its bounce from 0.9790 – 0.9800 support region, including horizontal and ascending trend-line support, 100-day SMA and 50% Fibonacci Retracement of August – November up-move, the USDCHF presently progresses through its 1.0000 immediate horizontal-line resistance. Given its ability to surpass the 1.000 psychological magnet, it could quickly rise to 23.6% Fibo, near 1.0080, the 1.0130 and the 1.0230 consecutive resistances prior to aiming the November highs of 1.0330 while sustained north-run beyond 1.0330 can propel the pair towards 61.8% FE of the said move, near 1.0445-50 area. On the downside, 0.9880 is likely nearby support for the pair before it could re-test the mentioned 0.9800 – 0.9790 support-zone. However, clear break below 0.9790 can fetch pair to 61.8% Fibo, near 0.9670-65 and then to 0.9570 before it could plunge to sub-0.9500 support region.

EUR/CHF

Even as the EURCHF maintained the gradual decline following the break of nearly six month old ascending trend-line support, 1.0735-40 horizontal-region, including 38.2% Fibonacci Retracement of its April – September advance, may limit the pair’s further downside. If the pair fails to hold 1.0740, it can dip to 1.0690 intermediate support before testing 1.0650-40 support-zone, including 50% Fibo and the 200-day SMA. Moreover, the pair’s further downside below 1.0640 can find multiple supports near 1.0550-40, including 61.8% Fibo. On the upside break of 1.0860 immediate resistance, including the mentioned trend-line and the 23.6% Fibo, the pair can swiftly move above 1.0900 mark but could find it difficult to break 1.0940-50 resistance-area, breaking which the pair’s northward trajectory could aim to surpass September highs of 1.1050.

GBP/CHF

Although short-term descending trend-line keep forcing the GBPCHF to trade southward, support-line of broader “Rising-Wedge” bearish formation, near 1.4820, quickly followed by the 200-day SMA near 1.4780 can keep limiting the pair’s decline. Should the pair fails to hold 1.4780 and close below the important level, it confirms the bearish technical pattern and can plunge to 1.4510 – 1.4500 horizontal support with 1.4650 being an intermediate rest while further downside below 1.4500 can find multiple supports near 1.4380-70 area. Given the pair’s reversal from current levels, which is more likely, it could find the mentioned trend-line, near 1.4930, as an immediate upside levels to break in order to test the 1.5030-35 resistance-zone. Moreover, successful break above 1.5030 can find 1.5120 and the 1.5300 as an intermediate resistance before it could rally to 61.8% FE of the pair’s May – August rally, near 1.5515 and then to aim for the November highs of 1.5570.

CAD/CHF

CADCHF’s break below 0.7220-10 horizontal support seems finding it difficult to close below eleven month old ascending trend-line support, presently near 0.7180, favoring a pullback to 0.7300 area if given a close above 0.7220. Should the pair manage to extend its recovery rally beyond 0.7300, the 38.2% Fibo of its January down-turn, near 0.7340 and the 0.7410 are likely consecutive resistance that the pair might witness during its sustained advance before testing the 200-day SMA, near 0.7515. Moreover, successful break above 0.7515 can propel the pair’s up-move beyond 0.7600 mark. Alternatively, a daily close below 0.7180 can find 0.7100 as nearby support prior to testing the 23.6% Fibo, near 0.7030 while break of 0.7030 can magnify the pair’s downside towards 0.6900 round figure mark. If the pair fails to hold 0.6900, chances of its plunge to January lows, near 0.6530, can’t be denied.

Follow me on twitter to discuss latest markets events @Fx_Anil