USD/CHF Technical Analysis: Breaks 100-day SMA/38.% Fibo. confluence support, bears targeting 0.9900 mark

   •  Having failed to capitalize on the overnight goodish rebound, the pair faced rejection near 200-hour SMA on Thursday and tumbled to 3-1/2 week lows in the last hour.

   •  Today's steep declined confirmed the previous session's bearish break through a one-week-old trading range and turned out to be a key factor prompting fresh technical selling.

USD/CHF 1-hourly chart

   •  The bearish momentum has been strong enough to drag the pair below 100-day SMA and 38.2% Fibonacci retracement level of the 0.9716-1.0100 recent upsurge.

   •  Oscillators on 4-hourly/daily charts have just started gaining negative momentum and point to an extension of the bearish trajectory towards testing the 0.9900 handle.

Daily chart

   •  However, oversold conditions on the 1-hourly chart might turn out to be the only factor that might help limit deeper losses ahead of today’s release of advance US Q4 GDP print.

Technical levels to watch