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USDCHF Fibonacci Analysis
3/14/2023 2:12 PMUSD/CHF, H4
On the four-hour chart, the price attempted an upward correction from the 0.9095 mark (correction 0.0%) but failed to reach 0.9176 (correction 23.6%). In case of consolidation above this level, the growth may continue to 0.9226 (correction 38.2%) and 0.9265 (correction 50.0%). The key “bearish” level is 0.9095, and its breakdown will give the prospect of a decline to 0.8937 (extension 61.8%).
Technical indicators are signaling the continuation of the downward trend: Bollinger bands are reversing downwards, and the MACD histogram is stabilizing in the negative zone. The reversal of Stochastic upwards does not exclude the development of corrective growth but its potential is seen as limited.
USD/CHF, D1
On the weekly chart, the price failed to break above the 50.0% downward fan line around 0.9415, resumed its decline, and tested 0.9085 again yesterday (correction 0.0%). Fixation below this mark will give the prospect of a decline up to 0.8765 (extension 61.8%). In case of breakout of the downwards fan line 38.2% around 0.9176, the growth of quotations may resume to 0.9331 (23.6% extension, the middle line of Bollinger bands).
Technical indicators do not give a single signal: Bollinger bands are reversing upwards, Stochastic is preparing to reverse in the oversold zone, and the MACD histogram has moved into the negative zone.
Support and resistance
Soon, the further price reduction is seen as possible. Its targets may be 0.8937 (extension 61.8%, H4) and 0.8765 (extension 61.8%, D1). If 0.9176 (correction 23.6%, H4, downwards fan line 38.2%, D1) is broken upwards, growth can resume to 0.9265 (correction 50.0%, H4) and 0.9331 (correction 23.6%, D1).
Resistance levels: 0.9176, 0.9265, 0.9331. | Support levels: 0.9085, 0.8937, 0.8765.