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.
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.
Entry price: 0.9851
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