Solid News

USDCHF, Fibonacci Analysis

11/18/2022 2:29 PM

USD/CHF, D1

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.


USD/CHF, W1

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.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392


Disclaimer 1: Solid ECN Securities LLC and it affiliates does not accept clients from Turkey, United States, and Europe.
Disclaimer 2: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using solidecn.com you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Copyright All Right Reserved 2023 SolidECN.com