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USDCHF, Fibonacci Analysis

8/18/2022 2:50 PM

USD/CHF, D1

On the daily chart, the price reversed around 0.9410 (0.0% retracement) and rose to 0.9550 (23.6% retracement), supported by the middle line of the Bollinger Bands. If consolidated above it, the growth will continue to the levels of 0.9638 (38.2% retracement), 0.9710 (50.0% retracement), 0.9780 (61.8% retracement), but for this the price will have to break through the descending fan. In the event that the 0.9550 level cannot be broken out, the price will be able to return to the 0.9410 level and then continue to decline up to the 0.9170 level (61.8% expansion).

Technical indicators do not give a single signal: the Bollinger Bands are directed downwards, the MACD histogram is shrinking in the negative zone, and the Stochastic is directed upwards.   


USD/CHF, W1

On the weekly chart, the price reversed around 0.9410 (50.0% retracement) and rose to 0.9550 (38.2% retracement), the breakout of which will give the prospect of further growth to 0.9715 (23.6% retracement) and 1.0000 (0.0% retracement). The key for the "bears" remains the level of 0.9410, when consolidated below which the price will be able to fall to the level of 0.9275 (61.8% retracement), but for this the quotes will have to break through the ascending fan.

Technical indicators do not give a single signal: the Bollinger Bands are directed upwards, the Stochastic is also reversing upwards, and the MACD histogram is shrinking in the positive zone. 


Support and resistance

In general, in the near future, the price growth at the breakout of the 0.9550 level (23.6% retracement for D1, 38.2% for W1) seems more likely. The targets of the upward dynamics are 0.9710 (50.0% retracement for D1, 23.6% for W1) and 1.0000 (100.0% retracement for D1, 0.0% for W1). If the level of 0.9410 breaks down (0.0% retracement for D1, 50.0% for W1), the decline will continue to the levels of 0.9275 (61.8% retracement for W1) and 0.9170 (61.8% expansion for D1).

Resistance levels: 0.9550, 0.9710, 1.0000. | Support levels: 0.9410, 0.9275, 0.9170.




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