USDCHF Bounces off 0.9181 Low Level, Amid Global Stimulus Package

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USDCHF Price Analysis – March 10

The USDCHF is recovering from a low level of 0.9181 as it is bidding towards 0.9370 level, up 0.83% ahead of the US session on Tuesday. The pair got tips from a signal from global politicians to further stimulate the economy, as well as China’s mitigating barriers for travelers from Wuhan.

Key Levels
Resistance Levels: 1.0231, 0.9845, 0.9600
Support Levels: 0.9181, 0.9000, 0.8839

USDCHF Long term Trend: Bearish

Long-term lows near the 0.9440 level may limit the recent rebound of the pair, otherwise, it may lead to an expansion of recovery to the September 2018 lows near the level of 0.9533.

However, any flaw beneath 0.9242 level may recall bears targetting the level at 0.9000 psychological magnets. A persistent gap there may prove that the USDCHF is in a long-term downtrend that would target the 138.2% forecast at 0.8839 at the next level.

USDCHF Short term Trend: Bearish

The US dollar has declined 6.27% versus the Swiss franc since February 20. The currency pair tested the weekly support level at 0.9242 during the previous trading session.

Other things being normal, the USDCHF exchange rate is likely to make a slight upward movement during the trading sessions this week. The potential target for the pair will be in the area of 0.9600 level.

Instrument: USDCHF
Order: Buy
Entry price: 0.9181
Stop: 0.9000
Target: 0.9600

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