USDCHF Price Analysis – October 13
The USDCHF for the fifth trading day maintained its upward advance but is limited by the level at 0.9995 while unable to break above, the pair ran into sellers again bringing its price to the level at 0.9987 currently.
Resistance Levels: 1.0231, 1.0126, 1.0027
Support Levels: 0.9944, 0.9905, 0.9843
USDCHF Long term Trend: Bullish
The USDCHF has run into overhead resistance defined by a swing area around the horizontal zone on the level at 0.9995. After trading as low as the level at 0.9963 earlier in the day, the Swissy found support around the moving average.
Its Price has continued to consolidate within a tight trading range between the level at 0.9905 and 0.9995 where it has stalled till the present trading week.
USDCHF Short term Trend: Ranging
On the flip side, the Intraday bias in USDCHF stays neutral as consolidation from the level at 1.0027 is extending. However, a further upward advance is expected as long as the level at 0.9843 support holds.
The pair shows weakness in the short-term following its long-term downtrend with only the long-term trend still being bullish.
Entry price: 0.9987
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.