USD/CHF Is Range-bound Between Levels 0.9180 and 0.9300, Battles Resistance at 0.9350

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USD/CHF Significant Levels
Resistance Levels: 0.9300, 0.9400, and 0.9500
Support Levels: 0.9200, 0.9100 and 0.9000

USD/CHF Price Long-term Trend: Bearish
USD/CHF has been in a sideways trend since September 17 as bull battles resistance at 0.9350. Buyers have failed to keep the current price above level 0.9350 overhead resistance. The bulls made three unsuccessful attempts to breach the overhead resistance. The rejection has caused the currency pair to decline to the low of level 0.9080. Today, buyers have failed to retest the overhead resistance. The upward move is restricted below level 0.9254. The currency price is stuck between the moving averages. Yesterday, a long bullish candlestick’s wick is pointing toward level 0.9300 high. It indicates that the market has strong selling pressure at the resistance zone.

USD/CHF Is Range-bound Between Levels 0.9180 and 0.9300, Battles Resistance at 0.9350
USD/CHF – Daily Chart

Daily Chart Indicators :
USD/CHF price bars are above the 50-day line but below the 21-day line moving averages. The implication is that the pair is likely to be range-bound between the moving averages for a few days.The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways trend. The pair has fallen to level 51 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand.

USD/CHF Medium-term Trend: Bearish
On the 4 hour chart, the currency price is in a sideways move. USD/CHF is fluctuating between levels 0.9180 and 0.9300. Yesterday, the pair faced strong rejection at level 0.93000 resistance zone. The currency price fell above the moving averages. There is a possibility of retesting the resistance zone.

USD/CHF Is Range-bound Between Levels 0.9180 and 0.9300, Battles Resistance at 0.9350
USD/CHF – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is below the 80% range of the daily stochastic. The market is in a bearish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for USD/CHF
USD/CHF pair is likely to be range-bound for a few days as bull battles resistance at 0.9350. Buyers have an uphill task to keep the current price above the resistance at levels 0.9300 and 0.9350. A break above the overhead resistance will catapult the pair to the high of level 0.9400.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.