USDCHF Attempt Reversal Pattern in a Bid to Neutralize the Selling Bias

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USDCHF Price Analysis – June 12

The USDCHF pair ripped out of its daily consolidated range and in the last hour leaped to new session highs, all over the region of 0.9475. The bullish market mood has eroded the Swiss franc safe-haven and has been seen as one of the big drivers that give certain strength to the USDCHF pair.

Key levels
Resistance Levels: 1.0027, 0.9766, 0.9500
Support Levels: 0.9440, 0.9370, 0.9181
USDCHF Long term Trend: Ranging
USDCHF downside reversal can be verified if the follow-through is favorable, the pair is likely to end up above Thursday’s 0.9460 level high on Friday. Similarly, if Thursday’s low of 0.9376 level is breached, the bias may turn negative again. That may yield a sell-off to the level of 0.9182 (low on March 9).

USDCHF is on the upward trend today and is currently getting near the horizontal pressure resistance selling zone, indicated at well above 0.9500 levels. Initially, the pair had been in a sharp declining trend week, so bear market pressures may revert soon as the price approaches the pressure zone for selling.

USDCHF Short term Trend: Bearish
USDCHF intraday bias remains neutral for consolidation beyond a temporary low level of 0.9370. Another plunge is anticipated as long as the resistance level is lower than 0.9500. The 0.9370 level breach may increase the entire fall from 0.9902 to t 100 percent forecast of 0.9902 to 0.9500 from 0.9724 to 0.9370 levels.

However, a strong violation of 0.9500 levels may imply a short-term bottoming and bring a firmer rebound to a moving average of 13 (now at 0.9650). On Friday, the pair needs to print gains to confirm a bullish reversal.

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