USDCHF Reverses a Two-Day Advance and Retreats From Mid 0.9300

USDCHF Price Analysis – November 23

The USDCHF pair consolidates recent gains above 0.9300, after two days of gains that pushed it over the prior month’s high. The pair rose towards mid-0.9300 thanks to a weaker Swiss franc and a stronger US dollar but then fell to the 0.9301 intraday low zone, erasing the day’s gains.

Key Levels
Resistance Levels: 0.9575, 0.9472, 0.9375
Support Levels: 0.9300, 0.9275, 0.9225
USDCHF Long term Trend: Ranging
The USDCHF pair used the intraday uptick to trade higher, reaching intraday highs of 0.9344. Meanwhile, a decrease from here will be considered as another phase of the trend from the 0.9472 (high) level of March 2021 in the bigger perspective.

On the other side, if the USDCHF breaks above 0.9350, the current bullish trend may continue, with an eye on the higher horizontal resistance level at 0.9472. In the meantime, any attempt to return to the moving average 13 breakpoints at 0.9300 could be viewed as a selling opportunity.
USDCHF Short term Trend: Bullish
Despite a retreat, the USDCHF’s break of 0.9300 resistance above October highs of 0.9337 implies that the upsurge may continue. The intraday bias is still bullish. The break could open the way to a short-term predicted level of 0.9400.

To imply short-term bottoming, a breach of 0.9350 near-term resistance is necessary on the upside. Despite the expected recovery, the near-term trend remains gloomy. Due to the lack of major levels of support in the interim, more deterioration down beneath the 0.9300 level is possible.

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