USDCHF Downward Trend Continues Owing to Ongoing USD Selling Bias

USDCHF Downward Trend Continues Owing to Ongoing USD Selling Bias

USDCHF Price Analysis – April 20

During the first half of the European session on Wednesday, the USDCHF pair continued its downward trend, falling to seven-week lows near 0.9135 level. In the wake of USD weakness, the pair appears to be having trouble staging a meaningful rebound. As of this writing, the pair is trading around the 0.9160 level, unchanged on the day.

Key Levels
Resistance Levels: 0.9472, 0.9375, 0.9213
Support Levels: 0.9129, 0.8998, 0.8757
USDCHF Long term Trend: Ranging
USDCHF is currently trading below its 5 and 13 moving average, suggesting a downward trend. Markets may suggest that price would test a new low at 0.9093 if the ascending trendline is breached. A turnaround from the downtrend channel’s upper boundary would be another warning in favor of the downtrend’s continuation.

At the present moment, the failure of the 61.8 percent pullback of 0.9901 to 0.8757 at 0.9472 suggests that the bounce from 0.8757 was most likely just a corrective step. That is, the larger downturn from 1.0237 could still be ongoing. Traders’ eyes will be on the downside momentum of the fall from 0.9472 to see if the 0.8757 low can be broken.
USDCHF Short term Trend: Bearish
The USDCHF is still stuck in a range that started at a temporary high of 0.9472. The intraday sentiment is initially bearish. If there is another rebound, upside capacity should be restricted by the 0.9213 former support level, which has now turned into a resistance level, signaling the start of a new decline.

A breakout of 0.9129 low, on the other hand, could result in a 61.8 percent projection from 0.9902 to 0.8998 from 0.9304 at 0.8757 next. The pair struggled to profit from the previous session’s rebound attempts, and a strong break below 0.9150 does not prevent the 0.9100 level from being tested.

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USDCHF Bounces off Lows Around 0.9200 Regions Amid US Inflation Figures

USDCHF Bounces off Lows Around 0.9200 Regions Amid US Inflation Figures

USDCHF Price Analysis – April 13

After plunging for 5 consecutive days, the USDCHF pair bounces off lows around 0.9200 early on Tuesday’s European/American session. The pair’s rebound is up around 0.9259 intraday high and at the time of this post was hovering around the 0.9213 level. The US dollar is in a cautious mode as traders react to inflation data which would dictate the next movement.

Key Levels
Resistance Levels: 0.9472, 0.9375, 0.9300
Support Levels: 0.9213, 0.9150, 0.9093
USDCHF Long term Trend: Ranging
The US dollar’s attempt to strengthen against the Swiss franc has gained traction at the recent low of 0.9213 level, with the pair gaining almost 31 pips after finding support around the 0.9200 prior days low level. The USDCHF pair needs to break the 0.9300 resistance level to balance the overall forecast. Medium to long term analysis continues to suggest that USDCHF downside bias is over around the ascending trendline support and its rebound will continue higher.

In a broader context, the decline from 1.0231 is seen as the concluding phase of the trend from 1.0342 (high). There are no clear signs of confinement. The next target is 138.2% forecast from 1.0342 to 0.9187 from 1.0231 at 0.9300. In such a scenario, a break of the 0.9304 resistance level is required to signal a mid-term session.
USDCHF Short term Trend: Ranging
With slight resistance at 0.9300 intact, the correction from 0.9472 could continue lower. However, the 38.2 percent retracement of 0.8756 to 0.9472 at 0.9213 should limit the downside and allow for recovery. On the upside, a break above 0.9300 would shift the bias to the upside, allowing for a return to the 0.9472 high.

However, a sustained break of 0.9213 would result in a more significant drop to the 61.8 percent retracement level of 0.9045. If the pair manages to break resistance levels and surge higher, it would immediately face the resistance of the horizontal line at 0.9375 level.

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USDCHF Selloff Halts Beyond Mid 0.9300 on Renewed USD Strength

USDCHF Selloff Halts Beyond Mid 0.9300 on Renewed USD Strength

USDCHF Price Analysis – April 6

The USDCHF pair eases from the prior day’s high of 0.9438 while taking downside pressure to fresh lows, the selloff halts beyond the mid 0.9300 level during Tuesday’s European session. Renewed USD strength and mixed reports about US stimulus give investors a pause after sending US stocks to record highs.

Key Levels
Resistance Levels: 0.9901, 0.9547, 0.9472
Support Levels: 0.9354, 0.9304, 0.9220
USDCHF Long term Trend: Ranging
USDCHF capitalized on its bounce at lows and rally to trade positively to intraday highs at 0.9388. Meanwhile, in a broader context, the fall from 1.0237 should have ended at 0.8756, which is an upbeat daily position. The current rally from 0.8756 should first reach the 0.9901 resistance.

There are no clear signs of withdrawal at this time. A break in this zone in the medium term will lead to the target at 1.0237 / 0342. Now this will remain the preferred option as long as the resistance at 0.9045 turns into support. Despite the rally, the overall daily trend remains in range after the initial bounce.
USDCHF Short term Trend: Ranging
USDCHF’s plunge to fresh lows of 0.9354 level in the prior day and its rebound today suggests the uptrend may continue despite the minor correction. The intraday bias stays on the upside. And yet subsequent aim is 61.8% forecast of 0.9901 to 0.8998 from 0.9354 at 0.8756 levels.

Any such breach lower may pave the path to a long-term forecast level at 0.8639 level. On the upside, a breach of 0.9472 near-term resistance is required to indicate short-term bottoming. Yet still, the near-term trend stays in a range despite the anticipated recovery.

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USDCHF Bulls Tighten Grip Towards Mid 0.9400 Level as US Dollar Index Rally to Fresh Highs

USDCHF Bulls Tighten Grip Towards Mid 0.9400 Level as US Dollar Index Rally to Fresh Highs

USDCHF Price Analysis – March 30

The USDCHF upside move regained traction after a brief pause around 0.9380 level during Tuesday European session. The pair’s buyers are building on fresh momentum beyond the mid 0.9400 marks. The US dollar pushes higher as the US Dollar Index (DXY) rallies to fresh highs in the area above the 93.00 hurdles.

Key Levels
Resistance Levels: 0.9608, 0.9547, 0.9457
Support Levels: 0.9375, 0.9220, 0.9150
USDCHF Long term Trend: Bullish
As observed on the daily, USDCHF is trading bullish. The pair’s rallies are bought into as anticipated. Beyond the mid 0.9400 level, traders may see a continuation towards 0.9500 level and also beyond 0.9547 towards 0.9600 levels. As for the near future, the exchange rate is likely to continue to edge higher.

Bullish traders could target the resistance level at 0.9547 during the present trading session. While the momentum is steady, a likely retracement to the lift-off zone of 0.9400 may occur but in rather smaller rallies. The latest breakout of the level at 0.9400 is a confirmation that buyers have regained control and the price could be on its way to 0.9500 and beyond.
USDCHF Short term Trend: Bullish
The intraday bias in USDCHF stays at the upside for further a rally past the 0.9375 support zone. The downside may be contained well above the 0.9220 support level to usher in a resumption of the upside rally. Considering the bullish moving average of 5, the latest run will eye the 0.9500 thresholds.

On the upside, the breach of 0.9457 level may increase the advance from 0.8870 to 61.8% retracement of 0.9901 to 0.8870 levels at 0.9457 level. A sustained breach there may approach the 0.9901 resistance level next. However, the quote’s further upside will be challenged by the local barriers at the upside before a meaningful advancement.

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USDCHF Gathers Strength To Trade Past 0.9300 Level Amid Firmer US Stocks

USDCHF Gathers Strength To Trade Past 0.9300 Level Amid Firmer US Stocks

USDCHF Price Analysis – March 23

The USDCHF pair found new buyers at the start of Wednesday’s European session with renewed strength to trade past 0.9300 level. The momentum indicators are painting an optimistic picture for the pair in the near term. US stocks turn firmer as the recent fears of high inflation in the United States eased.

Key Levels
Resistance Levels: 0.9547, 0.9457, 0.9375
Support Levels: 0.9220, 0.9150, 0.9093
USDCHF Long term Trend: Ranging
At present, the USDCHF will contend with the upside barrier at 0.9300 level which has stayed as resistance a few times. If the bulls claim that number, the way will open towards the swing high of 0.9375 level. Higher, the rally is expected to take a breather around 0.9400 round figure.

On the downside, the ascending trendline puts a stop at 0.9220 level and the surface of the lower channel may attempt to balance any downside correction. However as USDCHF continues to strengthen its position amid the bullish rebound towards 0.9300, a downside correction may come into play in subsequent sessions.
USDCHF Short term Trend: Ranging
From the 4-hour time frame perspective, the short-term risk seems to seek to maintain its upside in the USDCHF market, but trend signals remain mixed for now, suggesting that any strength in the price could be transitory.

Overall, the outlook in USDCHF stays unchanged and intraday bias remains neutral initially. The range trading from 0.9375 level is expanding. In the scenario of a steeper decline, the anticipation of a downside move may be contained by 38.2% retracement of 0.8870 to 0.9375 levels at 0.9150 to usher in an increased rebound.

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USD/CHF Faces Resistance at Level 0.9300, May Resume Uptrend

USD/CHF Faces Resistance at Level 0.9300, May Resume Uptrend

Key Resistance Levels: 0.9400, 0.9500, 0.9600
Key Support Levels: 0.9100, 0.9000, 0.8900

USD/CHF Price Long-term Trend: Bullish
The pair is presently in an upward move. The pair is falling after rejection from the recent high. On March 9, a retraced candle body tested the 78.6% Fibonacci level. This retracement indicates that the market will rise to level 1.272 Fibonacci extension and reverse. That is the high of level 0.9498.

USD/CHF – Daily Chart

Daily Chart Indicators Reading:
The pair has fallen to level 63 of the Relative Strength Index period 14. It implies that the price is in the uptrend zone. The price has room to rally on the upside. The 50-day SMA and 21-day SMA are sloping upward indicating an uptrend.

USD/CHF Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. On March 9 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the price will fall to level 1.272 Fibonacci extensions or the low of level 0.9242. The current downtrend has reached bearish exhaustion.

USD/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and 21-day SMAs are sloping upward indicating the uptrend. The price is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum. The pair is likely to resume upward.

General Outlook for USD/CHF
USD/CHF is presently fluctuating below level 0.9300 to break above it. The uptrend will resume if price breaks above the current resistance. According to the Fibonacci tool, the market will rise to level 1.272 or 0.9498.

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USDCHF breaks support

USDCHF breaks support

Key Support:0.9242
Key Resistance: 0.9190

Long Term View
The USDCHF broke with the mid to long term bullish structure this week and has been sitting at the next key level which confluences with the weekly pivot for the past couple of days. Sells are in play given that the DXY (US Dollar Index) has broken too with a key support.

1H Chart Analysis
The break of the 0.9240 brings sellers in whilst the US Dollar is also bearish now. We are targeting the next key level for a nice 1 to 2 R trade

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Author : Orlando Gutierrez