USDCHF Bears Keep Weighing on Price With an Attempt to Breach the 0.9242 Low Level

USDCHF Price Analysis – July 24

USDCHF reveals a low level of around 0.9242 during initial Friday’s European Session. The pair, meanwhile, reduces the early-day losses while taking a low U-turn from several months low. Also as consequence, lows are identified around 0.9181 level in March 2020 will be the guide to the sellers following.

Key Levels
Resistance Levels: 0.9902, 0.9669, 0.9370
Support Levels: 0.9242, 0.9181, 0.9000
USDCHF Long term Trend: Bearish
The declining US dollar remains the vital catalyst of the drop in the USDCHF. The downward traction in USDCHF stays unchanged and near to unprecedented levels however there is no indication of a reversal.

On the contrary, the next support may appear at level 0.9242 (low March 10) supported by low level 0.9180 in 2020. On the positive, the initial resistance is at 0.9321 level, and then 0.9370 and 0.9440 levels.
USDCHF Short term Trend: Bearish
USDCHF’s intraday trend stays on the decline as a drop from level 0.9902 is on the way. A broader deterioration to a low level of 0.9181 can also be seen. We would be scanning around for bottoming.

Nonetheless, to suggest short term bottoming a breach of 0.9370 support level turned resistance is required. Additionally, the forecast for the short to medium term may remain bearish in the likelihood of turnaround.

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