A Resurgence of Bears on USDCHF to 0.9600 Level at a Time of Renewed Greenback Weakness
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A Resurgence of Bears on USDCHF to 0.9600 Level at a Time of Renewed Greenback Weakness

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Azeez Mustapha

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USDCHF Price Analysis – April 14

In the European session, the greenback selling resurgence increased momentum and pushed the USDCHF pair to new two-week lows around the area of 0.9620-00. In addition to a broad-based USD weakness, the drastic drop defied any obvious fundamental impetus and also appeared somewhat unchanged by a turnaround in global risk sentiment.

Key Levels
Resistance Levels: 1.0027, 0.9797, 0.9650
Support Levels: 0.9533, 0.9370, 0.9181

USDCHF Long term Trend: Ranging

USDCHF trades at the level of 0.9609 just as the pair is gaining traction below the moving average of 5 and 13, suggesting a downward trend. The markets may imply that the price may test the shifting upside boundary at 0.9650 level and then start moving downward to 0.9533 level.

Nevertheless, if the price breaks the moving average of 5 and 13 upside border and retests beyond the 0.9696 level, the scenario which implies further decline may be voided. In this scenario, the pair may continue to grow towards levels of 0.9797.

USDCHF Short term Trend: Ranging

Another signal that supports further downward action on the 4-hour time frame is the price’s rebounding from the upside-down trendline. The decline in USDCHF from level 0.9797 renewed after a slight recovery.

The intraday bias for the level at 0.9500 and below is back on the downside. Price behavior from the level at 0.9902 may form a pattern of consolidation. On the upside, a lower resistance level above the 0.9696 level can change bias back to the upside for resistance level of 0.9797. Continuous break of 0.9440 level would, however, open the way for the low level of 0.9181 to be re-tested.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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