USDCHF Breaks Beneath Ascending Trendline in an Attempt Towards 0.9650 Sub-Level

USDCHF Breaks Beneath Ascending Trendline in an Attempt Towards 0.9650 Sub-Level

USDCHF Price Analysis – April 10

After breaking beneath its ascending trendline, USDCHF found some footing around the 0.9650 handles expanding its price action to the crucial level. Although the inactive session of Good Friday restricts the movements of the FX pair, it stays on the back foot around the level at 0.9650.

Key Levels
Resistance Levels: 1.0027, 0.9902, 0.9766
Support Levels: 0.9600, 0.9440, 0.9181

USDCHF Long term Trend: Ranging

At the moment there is no significant shift in the trend of USDCHF. Long to medium term bias stands firm with an emphasis on the lower support level of 0.9600. Break there indicates recovery from level 0.9500 in total. Whereas the correction from the level at 0.9902 would then have begun the third leg.

Long-term and medium-term bias will be corrected to the downside again at 0.9440 levels for a 61.8 percent retraction of 0.9181 to 0.9902 levels. In the upside, instead, the high may approach beyond the 0.9766 level.

USDCHF Short term Trend: Ranging

USDCHF’s 0.9696-minor support level break and the upward trendline indicate a reversal from 0.9500 level. The adjustment from the level of 0.9902 would then have begun another round of consolidation in the short term.

The intraday bias is now on the downside again at 0.9440 level for a 61.8% retracement from 0.9181 to 0.9902 level. On the upside, the 0.9766 level above may instead approach the 0.9901 high level.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.