USDCHF Bulls Attempt a Break Beyond Mid 0.9100 Level


USDCHF Price Analysis – August 14

USDCHF buyers may strive for a radical shift beyond mid-level 0.9100, as the pair stays on the backfoot with the recent falls at level 0.9092. Despite increased hope for a successful coronavirus vaccine, investors seem to have turned wary ahead of key data releases from the eurozone countries on Friday.

Key Levels
Resistance Levels: 0.9902, 0.9467, 0.9181
Support Levels: 0.9050, 0.9000, 0.8984
USDCHF Long term Trend: Bearish
In a greater sense, the decline from level 1.0231 is seen as the third phase of the trend from level 1.0342. Recent evidence showed these trends are still expanding. Viable trade beneath the 100% forecast of 1.0342 to 0.9181 levels from 1.0231 at 0.9081 levels may open the way for a forecast of 138.2 percent at 0.8639 level.

To be the first evidence of medium to long-term bottoming, a breach of 0.9370 resistance level is required on the upside. If the pair stays daily beyond 0.9150 level at all, buyers may reckon with an entry hitting 0.9200 level.
USDCHF Short term Trend: Bearish
For the moment, the intraday bias in USDCHF is still neutral. Side to side trading from 0.9050 level may stretch farther. But with a resistance level of 0.9242 intact, growth remained bearish for further decline.

On the downside, the 0.9050-level breach may continue a wider downward slide. The breach of 0.9242 level, nevertheless, may validate short-term bottoming and turn the bias to the upside for 0.9370 support turned resistance level.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.