USD/CHF 21-Day Simple Moving Average is capping the decline for the time being

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Facing USD/CHF USD/CHF 23.6% Fibonacci retracement levels after the rebound from the 21-day SMA.

The beginning of the month lows add support, while the 38.2% Fibonacci retracement levels and the 50-day SMA will challenge the rebound moves.

USD/CHF rises USD/CHF to 0.9707 during the pre-opening session in Europe on Friday. Thus, the pair is repeating the bias to stay above the 21-day SMA while also facing the 23.6% Fibonacci retracement levels of its decline from November 29, 2019 to January 16, 2020.

Sustained trading above the 21-day SMA in the short term is likely to extend the pair's rebound movements towards the 38.2% Fibonacci retracement levels at 0.9770, after a clear break of 0.9820 barrier that coincides with the 50.0% Fibonacci retracement levels.

However, the 50-day SMA near 0.9781 and the late December 2019 highs around 0.9830 will pose a challenge for buyers.

Alternatively, a daily closing below the 21-day SMA at 0.9700 could target early month lows near 0.9665 ahead of a test of the monthly low at 0.9613.

USD/CHF pair USD/CHFdaily chart

USD/CHF 21-Day Simple Moving Average is capping the decline for the time being

direction: expected decline

Important additional levels

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