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USDCHF, Fibonacci Analysis

11/18/2022 2:29 PM


On the daily chart, the pair reached seven-month lows around 0.9355, after which it attempted to grow. Currently, the price is close to 0.9580 (retracement 23.6%), its breakout will give the prospect of further upward dynamics to the area of 0.9685 (retracement 38.2%), 0.9770 (retracement 50.0%), 0.9855 (retracement 61.8%). The key for the "bears" remains the 0.9410 mark (retracement 0.0%), consolidation below which may lead to a decrease to the level of 0.9080 (expansion 61.8%).

The potential for current growth looks limited, as the short-term downward trend persists, which is confirmed by the downward reversal of the Bollinger Bands and the increase in the MACD histogram in the negative zone.


On the weekly chart, the price dropped sharply, having reversed from the 1.0130 mark (expansion 61.8%, the upper limit of the ascending channel), and tested the 0.9410 level (retracement 50.0%). Its breakdown will give the prospect of a decline to the area of 0.9275 (retracement 61.8%), 0.9080 (the area of January lows), but the quotes will have to break through the ascending fan. Consolidation of the price above the 0.9550 mark (retracement 38.2%) can cause an increase to the 0.9720 level (retracement 23.6%, the middle line of the Bollinger Bands).

Technical indicators do not exclude the continuation of the decline: the Bollinger Bands are horizontal, but the Stochastic is directed downwards, and the MACD histogram is preparing to move into the negative zone.  

In general, further price reduction seems possible in the near future. In case of a breakdown of the level of 0.9410 (retracement 0.0% for D1 and 50.0% for W1), the downward dynamics will continue to 0.9275 (retracement 61.8% for W1) and 0.9080 (expansion 61.8% for W1). Otherwise, growth will resume to the area of 0.9720 (retracement 23.6% for W1) and 0.9855 (retracement 61.8% for D1).

Resistance levels: 0.9550, 0.9720, 0.9855. | Support levels: 0.9410, 0.9275, 0.9080.

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