USDCHF Anticipates Triangular Breakout After Consistent Consolidation Around 0.9700 Level


USDCHF Price Analysis – May 19

USDCHF posts a slight gain of about 0.10 percent after flickering as a quote at 0.9724 level amid early Tuesday’s session. The pair exchange within a triangle in a consolidation bout while anticipating a breakout. The widespread uncertainty in the USD does seem to encourage USDCHF to trade sideways.

Key Levels
Resistance Levels: 1.0231, 1.0027, 0.9766
Support Levels: 0.9669, 0.9440, 0.9181

USDCHF Long term Trend: Ranging
In the wider sense, a fall from level 1.0231 is seen as part of the trend from level 1.0342. Having reached 0.9242 main support (low) level, it should have finished at 0.9181 level.

A 0.9902-level breach may stretch the 0.9181-level rebound phase to a 1.0027 resistance level. Simply put, medium- to long-term range trading is sure to persist for some longer around level 0.9181/1.0231.

USDCHF Short term Trend: Ranging
USDCHF intraday bias remains neutral, and the trend remains constant. The corrective trend from level 0.9902 may continue to grow. A breach of 0.9669 minor support level may transform bias to the downside for it and then probably beneath 0.9533 support level.

All in all, nevertheless, the downside included a turnaround of 61.8 percent from 0.9181 to 0.9902 at 0.9440 levels. On the contrary, a test at 0.9902 high level may seek a breach of 0.9800 level.

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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.