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USDCHF Price Analysis
The pair is moving to a new session high and in the process is exiting from it’s moving averages 5 (red line) and 13 (blue line) at 0.9805 and 0.9785 respectively. Currently, a base on the level at 0.9775 area, at the horizontal line has formed and has allowed for a temporary stabilization.
Key level
Resistance Level: 1.0231, 0.9975, 0.9877
Support Level: 0.9775, 0.9716, 0.9659
USDCHF Long term Trend: Bearish
USDCHF is seen in the long term range pattern between the level at 0.9660 and 1.0231. Hence, we’ll pay attention to the bottoming signal on the same level at 0.9659 Nevertheless, on the break of the level at 0.9975 resistance is needed to indicate the completion of the decline from the level at 1.0231.
While the pair is trading close to this year’s low on the level at 0.9660, downside momentum could speed up should the FX pair break out to new lows for the year. As the forex pair is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
USDCHF Short term Trend: Ranging
On the flip side, the intraday bias in USDCHF is turned neutral as it recovered quickly after an initial dip. Further decline is expected as long as the level at 0.9877 resistance holds.
On the downside, a break of the level at 0.9659 will resume a decline from 1.0231 to 0.9659 and lower reversal. However, on the break of the level at 0.9877 will target the level at 0.9975 resistance instead.
Source: https://learn2.trade
