After Greenback Market Gains, USDCHF Rebounds and Tests 0.9523 Level

USDCHF Price Analysis – June 16

The USDCHF pair bounced back across the market from two-day declines amid a US dollar rally, rising back beyond 0.9500 level. It has recently printed a fresh daily high at 0.9523 level and stays close to the top, with a strong buying momentum.

Key levels
Resistance Levels: 1.0027, 0.9766, 0.9650
Support Levels: 0.9440, 0.9370, 0.9181
USDCHF Long term Trend: Ranging
The USDCHF is testing the recent high of around 0.9520/23 level; beyond this, its focus may shift to the level of 0.9550, a key resistance that may bolster the bullish bias if breached. On the flip side, the initial support now is the level 0.9440, followed by the level 0.9370 (low).

The 0.9902 level breach may extend the 0.9181 level rebound through 1.0027 level resistance. However, medium to long term range trading can intensify for some longer around level 0.9181/1.0237.
USDCHF Short term Trend: Ranging
For the moment, the intraday bias in USDCHF holds firm. On the upside, the 0.9550 level breach may continue the rebound from the bottoming of the short term level of 0.9370.

Continuous trading beyond the horizontal level of resistance (now at 0.9650) may pave the way back to the resistance level of 0.9902. On the downside, though, a break of 0.9370 will instead continue the decline from level 0.9902.

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