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USDCHF, Fibonacci Analysis

10/19/2022 2:44 PM


On the daily chart, the USD/CHF rose to 1.0055 (correction 0.0%), which had already been unsuccessfully tested several times over the past six months but could not break through it again and began a downward correction. If 0.9900 (correction 23.6%) is broken, supported by the middle line of Bollinger bands, the decline may continue to 0.9805 (correction 38.2%) and 0.9730 (correction 50.0%), but the price will have to break through the ascending fan. Otherwise, the quotes will return to 1.0055 and test it again with the prospect of a serious increase in case of a breakout.

Technical indicators do not give a single signal: Bollinger bands are directed upwards, but Stochastic is directed downwards, and the MACD decreases in the positive zone.


On the weekly chart, the price returned to 1.0000 (correction 0.0%) but has not consolidated above it yet and is trying to reverse downwards. In case of consolidation above 1.0000, the upward dynamics will continue to 1.0130 (extension of 61.8%, the upper limit of the ascending channel), and if a corrective decline develops, its targets will be 0.9720 (correction of 23.6%, the middle line of Bollinger bands) and 0.9550 (correction 38.2%).

Technical indicators signal that the uptrend continues: Bollinger bands and Stochastic are directed upwards, although the latter has entered the overbought zone, and MACD is increasing in the positive zone.

Support and resistance

Soon, the resumption of price growth to 1.0130 (extension of 61.8%, the upper limit of the ascending channel, W1) seems more likely. If the quotes consolidate below 0.9900 (correction 23.6%, D1), the decline will be able to resume to 0.9805 (correction 38.2%, D1) and 0.9720 (correction 50.0%, D1, correction 23.6%, the middle line of the Bollinger bands, W1).

Resistance levels: 1.0055, 1.0130. | Support levels: 0.9900, 0.9805, 0.9720.

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