USDCHF Bearish Bias Weakens, Price Trades Beyond the Level at 0.9500

USDCHF Price Analysis – June 19

USDCHF price bounces back to about 0.9510 level while hitting intraday low at 0.9498 level, only down 0.05 percent on a day, as at early Friday. The pair’s latest decline from the moving average 5 may be traced from an initial pullback. The focus will be on coronavirus statistics.

Key Levels
Resistance Levels: 1.0027, 0.9766, 0.9550
Support Levels: 0.9440, 0.9370, 0.9181
USDCHF Long term Trend: Ranging
USDCHF is now consolidating within the region of 0.9440-0.9550 over the past week, but in the wider context, the fall from level 1.0231 is seen as the third step of the trend from level 1.0342. Having reached 0.9242 main support (low) level, it should have ended at 0.9181 level.

Despite the moving averages relieving downward momentum in the bearish region and the straight RSI resisting to return to its 20 oversold marks, a 0.9902-level breach may expand the rebound from 0.9181 to 1.0027-level resistance. Simply put, medium to long-term trade in ranges is inclined to maintain for some longer between 0.9181/1.0231 levels.
USDCHF Short term Trend: Ranging
The recent sideways trading by the pair may be linked from a short-term plunge in the four-hour chart in its pullback. The USDCHF intraday bias stays neutral, and the trend stays intact. On the positive side, the 0.9550 level break may continue the rebound from a short term bottoming level of 0.9370.

The continuous trading beyond moving average 13 (now at 0.9500 level) sets the stage back to resistance of 0.9902 level. On the drawback, however, the 0.9370-level breach may then restart the decline from 0.9902 level.

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