Bearish Momentum in Play as USDCHF Gets Plummeted to Two Weeks Low

Bearish Momentum in Play as USDCHF Gets Plummeted to Two Weeks Low

USDCHF Price Analysis – December 3

The USDCHF pair recorded subsequent selling on Tuesday and plummeted to a low of almost fourteen days, underneath the level at 0.9900 in the most recent hour.

Key Levels
Resistance Levels: 1.0231, 1.0126, 1.0027
Support Levels: 0.9841, 0.9798, 0.9659

USDCHF Long term Trend: Bullish

If the FX pair price can recover beyond the region of the level at 0.9926 including the moving averages 5 and 13, near the level at 0.9960 and the level at 0.9980 may return to the general bias. Alternatively, an upward trend line, on the level at 0.9881, offers strong downward support.

In the more extended term, the standpoint stays impartial since USDCHF is inside the scope of the level at 0.9659/1.0231. Regardless, a conclusive break of the level at 1.0231 is required to show a resumption of the upward pattern. Although, more range trading might be seen with the danger of another fall. In the meantime, the break of support on the level at 0.9714 may focus on the support underneath.

USDCHF Short term Trend: Bearish

The USDCHF from the level at 1.0023 fall rate protracts down today and intraday bias stays down targeting support on the level at 0.9869 and beneath. Such a plunge is viewed as part of the consolidation from the level at 1.0027. The fall may be contained on the level at 0.9841 support to resume the advance.

On the positive side, above the level at 0.9926, a minor resistance may again alter bias towards resistance on the level at 1.0027 first. However, a sustained break of the level at 0.9841 may indicate a short-term reversal and may pave the way back to the level at 0.9659 support.

Instrument: USDCHF
Order: Buy
Entry price: 0.9851
Stop: 0.9798
Target: 1.0126

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.