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USDCHF Price Analysis – July 10
As the greenback remains mixed for its inflows the CHF took advantage of its recent strength early in the day by pulling the momentum to its side and dragging the pair downwards. The USDCHF has seen action mostly to the downside today but may find support buying near its base on the level at 0.9854.
Key Levels
Resistance Level: 1.0231, 1.0126, 1.0013
Support Level: 0.9854, 0.9790, 0.9716
USDCHF Long term Trend: Bearish
On the upside, there exist some limitations as seen on the level at 0.9956 but if broken it will target the level at 1.0013 resistance zone, but this scenario is reinforced by the fall from the level at 1.0231 to the level at 0.9716 retracements.
On the downside below the level at 0.9854 minor support may turn bias back to further downside for retesting the low on the level at 0.9716.
USDCHF Short term Trend: Bearish
In the smaller picture on the 4-hour time frame, the current scenario suggests that the uptrend may be limited for now and a deeper decline would be seen from the level at 0.9892 to the level at 0.9854 and below.
Although, for now, USDCHF is seen in a short term range pattern between the level at 0.9716 and the level at 1.0013, hence our focus is to the bottoming signal below the level at 0.9854.
Source: Learn2.trade
Note: Learn2.Trade is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
