Bouncing off Its Low, the USDCHF Moves Past the 0.9700 Level

Bouncing off Its Low, the USDCHF Moves Past the 0.9700 Level

USDCHF Price Analysis – January 7

The USDCHF pair broke through the 0.9700 level, supported by the wide potential of the US dollar. At the time of writing, the pair has grown by 0.35% per day at 0.9715. Although the forecast for the currency pair is negative, and a direct downward slope is maintained at 0.9743 level.

Key Levels
Resistance Levels: 1.0231, 0.9841, 0.9743
Support Levels: 0.9659, 0.9541, 0.9188

USDCHF Long term Trend: Bearish

A little in the long term beyond this time frame, we expect a fall to a minimum of 2018 at 0.9188, which is also part of the restoration of the same movement from 2015. While rallies are limited to September and October 2019 lows at 0.9841 level, the market may remain immediately offered.

Meanwhile, growth above the resistance level of 0.9841 may indicate a recovery to the resistance level of 0.9707 / 43, which, if we see it, we will again look at the restriction.

USDCHF Short term Trend: Bearish

The intraday for USDCHF bias stays neutral, and consolidation from 0.9659 level may continue. More range trading can be registered. However, a further drop is expected until the resistance level of 0.9770 is altered.

A breakthrough of the level of 0.9659 can continue the general decline from the level of 1.0231 and reach a 100% projection of the level of 1.0231 to 0.9659 from 1.0027 to 0.9659. However, on the other hand, a breakthrough of the 0.9770 level may indicate a short-term fall and a shift in the upward direction for the horizontal zone (now at 0.9841).

Instrument: USDCHF
Order: Sell
Entry price: 0.9743
Stop: 0.9770
Target: 0.9600

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.