USDCHF Price Analysis – November 12
USDCHF is posting fresh session lows in today’s trading as sellers took control of the market while breaking downwards past the moving average 5 heading towards moving average 13. As it is, in the event of a further break downwards and the price momentum continues, it will open the market for CHF bids.
Resistance Levels: 1.0231, 1.0126, 1.0027
Support Levels: 0.9911, 0.9851, 0.9659
USDCHF Long term Trend: Bullish
Technically for the current session, the USDCHF plunged back under both resistance horizontal levels on the level at 0.9964 and 0.9929 respectively. However, in the medium term, the USDCHF outlook stays neutral as it remains within a range of the level at 0.9659/1.0231.
Meanwhile, the decisive break of the level at 1.0231 is required to display the resumption of an uptrend. Nevertheless, more consolidation and ranging may be recorded with the risk of another plunge. The FX pair’s trend is short-term downtrend, although likely a correction, as the long-term trends remain bullish.
USDCHF Short term Trend: Ranging
On the 4-hour time frame, it’s intraday bias stays neutral initially. A likely advance is expected as long as the level at 0.9911 minor support is intact. The ranging from the level at 1.0126 may have completed on the level at 0.9851 as at present.
Past the level at 0.9978 may target the resistance on the level at 1.0027 high. A break from there may re-activate the rally from the level at 0.9659. Below a break of the level at 0.9911 will turn bias back to the downside for a retest of the level at 0.9851.
Entry price: 0.9929
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.