USDCHF Price Analysis – December 17
The USDCHF is adrift of its attractiveness in the past few hours and erases its daily gains to fall under pressure from the bitter market sentiment and wider greenback frailty. At the time of writing, the pair fell 0.03% on the day and at the level at 0.9811.
Key Levels
Resistance Levels: 1.0231, 1.0126, 1.0027
Support Levels: 0.9800, 0.9743, 0.9659
USDCHF Long term Trend: Bearish
USDCHF longer-term pattern shows that the outlook stays neutral as in the range of the level at 0.9659 / 1.0231. In any case, a decisive break of the level at 1.0231 is required to signal a resumption of the trend.
Otherwise, further sideways trading can be viewed with the risk of another downside. Meanwhile, a break of the level at 0.9695 support may approach the level at 0.9659 support instead.
USDCHF Short term Trend: Bearish
The USDCHF attempted breakout of the level at 0.9800, a temporary low, indicates a resumption of the plunge from the level at 1.0027. The intraday bias is returned to the downside to retest the lowest on the level at 0.9659.
However, given the bullish convergence of the RSI on the 4-hour time frame, a break of the level at 0.9876 may signal a bottom in the short-term. In such a case, the intraday bias may be reverted to the horizontal line barrier (now on the level at 0.9900) and above.
Instrument: USDCHF
Order: Sell
Entry price: 0.9841
Stop: 0.9900
Target: 0.9659
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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