By CountingPips.com
The US dollar been on the defensive against the Swiss franc this week after reaching a swing high level late last week at the 0.9775 exchange rate. The USD/CHF currency pair has been on the decline each day this week and has fallen from 0.9729 to currently trading around 0.9530 Thursday in the US session.
Price action this month has seen February’s USD/CHF high point coincide with the 61.8 Fibonacci retracement level (on the down move from the 1.0065 level on December 1st to the low point at 0.9299 on December 31st). January’s high point or swing high at 0.9783 also encountered resistance at the same 61.8 Fibonacci resistance level before trending its way lower.
The pair trades right around its 50-day moving average in red while the MACD indicator shows a possible imminent bearish cross signal. An immediate previous support level below presents itself at 0.9525 with the 23.6 Fibonacci retracement level following below that near 0.9480.
USD/CHF Daily Chart
