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USDCHF, Fibonacci Analysis

11/29/2022 2:32 PM

USD/CHF, D1

On the daily chart, the price moves within the range of 0.9410–0.9580 (correction 0.0%, 23.6%). Last week, it tested its upper limit but has now returned to the lower one, the breakdown of which will give the prospect of a further decline to 0.9150 (61.8% extension). The key "bullish" level is 0.9580 (correction 23.6%). Consolidating the price above it and the middle line of Bollinger bands will lead to continued growth to 0.9770 (correction 50.0%) and 0.9855 (correction 61.8%).

Bollinger Bands reversing downwards and MACD stabilizing in the negative zone indicate the continuation of the short-term downward trend, but Stochastic reversed upwards, which does not exclude corrective growth.


USD/CHF, W1

On the weekly chart, the price is actively testing 0.9410 (50.0% correction), trying to leave the long-term ascending channel and breaking through the opposite ascending fan. The consolidation of the quotes below will give the prospect of further decline to 0.9275 (correction 61.8%) and 0.9080 (the area of ​​January lows). Reverse consolidation of the trading instrument above 0.9550 (correction 38.2%) will bring it back into the ascending channel and can cause growth to 0.9720 (correction 23.6%, the middle line of Bollinger bands).

Technical indicators do not give a single signal: Bollinger bands are reversing downwards, MACD is preparing to move into the negative zone, but Stochastic may leave the oversold zone soon.


Soon, a further price reduction is possible. After the breakdown of 0.9410 (correction 0.0% for D1 and 50.0% for W1), the negative dynamics will continue to 0.9275 (correction 61.8% for W1), 0.9150 (extension 61.8% for D1), and 0.9080 (61.8% extension for W1). Otherwise, growth will resume to 0.9720 (correction 23.6%, the middle line of Bollinger bands for W1) and 0.9855 (correction 61.8% for D1).

Resistance levels: 0.9580, 0.9720, 0.9855. | Support levels: 0.9410, 0.9275, 0.9150, 0.9080.



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