Dominated by Bears, USDCHF Breaks Back to the Lows Around the Level at 0.9800

USDCHF Price Analysis – December 10

The USDCHF has now fallen to its weakest level since November 4 near the low at 0.9851 level, which is the target. Falling for the second consecutive session on Tuesday, the pair remained under strong supply, dropping to new monthly lows, near the mid-level of 0.9800 level in the last couple of hours.

Key Levels
Resistance Levels: 1.0231, 1.0027, 0.9926
Support Levels: 0.9841, 0.9743, 0.9659

USDCHF Long term Trend: Ranging

Overall, the long term outlook stays neutral, as USDCHF is in the range of the level at 0.9659/1.0231. In any case, a decisive breakout of the level at 1.0231 is needed to indicate the resumption of an uptrend.

Otherwise, more range trading may be observed with the risk of another fall. Meanwhile, a breakthrough from the level at 0.9695 support may target lower support levels.

USDCHF Short term Trend: Bearish

The intraday bias in USDCHF stays down even as trading in the range continues. Upward advance is expected to continue from the level at 0.9659 while maintaining support on the level at 0.9841 sooner or later.

On the other hand, a slight break of resistance on the level at 0.9926 may lead to a repeated test of the resistance on the level at 1.0027 in the first place. Nevertheless, a sustained break of the level at 0.9841 may indicate a short-term reversal and pave the way back to support on the level at 0.9659.

Instrument: USDCHF
Order: Sell
Entry price: 0.9869
Stop: 0.9926
Target: 0.9798

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