Bullish Sentiment on USDCHF as It Breaks to New Session Highs Above the Level at 0.9815

Share On Facebook

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

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20191014 12:49:09