Gains on USDCHF Erase as It Retreats Towards the Level at 0.9800

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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

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