USDCHF Price Analysis – November 5
USDCHF is beginning to flash fresh positive trends and has kicked off the resumption of its recent rally over the next few days if the present support levels hold. The rebound took the price from a low of the level at 0.9851 to the intraday high on the level at 0.9910.
Resistance Levels: 1.0231, 1.0027, 0.9970
Support Levels: 0.9841, 0.9714, 0.9659
USDCHF Long term Trend: Bearish
The daily chart shows that the pair has broken through the near term resistance on the horizontal lines on the level at 0.9894 and 0.9908 respectively. Its medium-term trend stays neutral as the USDCHF pair is trending in the range of the level at 0.9659 and 1.0231.
However, a decisive break of the level at 1.0231 is required to indicate further upward resumption. Otherwise, the ranging trend may likely be seen with the risk of another fall. Meanwhile, the break of the level at 0.9695 support may target the level at 0.9541 support on the other hand.
USDCHF Short term Trend: Ranging
On the 4-hour time frame, the intraday bias in USDCHF stays neutral with its attention on the level at 0.9841 support. Although the FX pair is in a long-term downtrend, the short-term outlook is changing to bullish already.
While selling pressure may increase if its price trend past the nearby swing low on the level at 0.9851 where more sell stops may get activated. On its flipside, above the level at 0.9970 may usher in the retest of the level at 1.0027 resistance instead.
Entry price: 0.9944
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.