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The Fx pair stays on the defensive through Tuesday’s early European session into American session and is currently positioned close to the lower end of its daily trading range, around the low-level area of 0.9515. The risk-on flow helped the bond yields from the U.S. Treasury to stage a good recovery from all-time lows. It eventually helped alleviate the US dollar’s recent bearish pressure but unable to lift the pair.
USDCHF Price Analysis – March 3
Key Levels
Resistance Levels: 1.0231, 1.0027, 0.9845
Support Levels: 0.9500, 0.9438, 0.9370
USDCHF Long term Trend: Bearish
After a strong collapse over the last few days, the bears are likely to wait for a regular closing beneath the low price level of September 2018 close to 0.9541 level, thus targeting 0.9500 levels during the further declines.
Nonetheless, it may recall the buyers targeting 0.9700 marks on the off-chance the pair’s recovery moves past-0.9629 price levels including lows marked on January 31.
USDCHF Short term Trend: Bearish
Technically with a low resistance level of 0.9654, the intraday bias in USDCHF stays on the downside as the current fall from 1.0231 may aim a forecast of 100 percent from 0.9845 to 0.9438 levels.
On the upside, breakage of 0.9654 minor resistance level may first alter the neutral intraday bias and recovery may be well beneath the resistance level of 0.9845 to usher in continuation of fall resumption.
Instrument: USDCHF
Order: Sell
Entry price: 0.9541
Stop: 0.9613
Target: 0.9438
Source: https://learn2.trade
