The USDCHF Is Weakening While Selling Continues Beneath 0.9695 Level

The USDCHF Is Weakening While Selling Continues Beneath 0.9695 Level

USDCHF Price Analysis – December 31

After the Asian session, moving sideways near the level of 0.9695, the USDCHF pair lost its movement in the last hour and touched the lowest level since early November at 0.9662. At the time of writing, the pair fell by 0.23% per day at 0.9660 level.

Key Levels
Resistance Levels: 1.0231, 0.9833, 0.9695
Support Levels: 0.9659, 0.9600, 0.9541

USDCHF Long term Trend: Bearish

In a broader context, the long-term outlook stays bearish, as USD / CHF is in the range of 0.9659 / 1.0231. In any case, a decisive breakthrough of 0.9659 level is required to indicate the resumption of a downtrend.

Otherwise, more side trading may be recorded with the risk of another rebound. Meanwhile, a breakthrough of the level at 0.9695 support may aim at the level at 0.9541 support.

USDCHF Short term Trend: Bearish

The intraday bias in USDCHF stays on the downside at this phase. At the moment, a plunge from the level of 1.0027 may break below the support level of 0.9659.

On the other hand, a slight break of resistance above the level at 0.9739 may change the neutrality of the intraday bias and lead to consolidation first, before starting another decline.

Instrument: USDCHF
Order: Sell
Entry price: 0.9659
Stop: 0.9739
Target: 0.9541

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.