USDCHF Bulls Attempt the Upside Break of 0.9465–70 Trading Range

USDCHF Price Analysis – July 3

USDCHF gathers upside traction at about 0.9460 levels, up 0.15 percent a day, going into the European session on Friday. In the meantime, the continuing downturn appeared somewhat uninfluenced by the prevailing rising market mood, which appears to weaken demand for the perceived Swiss franc safe-haven.

Key Levels
Resistance Levels: 1.0027, 0.9766, 0.9550
Support Levels: 0.9440, 0.9370, 0.9181
USDCHF Long term Trend: Ranging
In the past week, USDCHF has been in the 0.9440-0.9550 range, with the moving averages loosening negative momentum in the bearish region and the flat RSI unwilling to revert to its 30-over-sold mark, the pair may see a more positive medium to the long-term path.

In the wider sense, the fall from 1.0231 is seen as the third stage of the process from level 1.0342. Having hit 0.9242 key support (low) level, it may have resolved at 0.9181 level. The breach of level 0.9902 may stretch the rebound from level 0.9181 to the resistance level at 1.0027.
USDCHF Short term Trend: Ranging
While range trading continues, the intraday bias in USDCHF stays neutral. Higher than 0.9440 minor support levels on the downside may deliver 0.9370 low-level retests. The breach may restore the entire 0.9902 level decline and aim 100% prediction from 0.9902 to 0.9500 at 0.9370 levels.

On the upside, a solid breach of 0.9550 level then will restart the recovery from level 0.9370. In this scenario, the horizontal level of resistance at 0.9600 may be seen as a further rally. To summarise, the short-term bearish bias in USDCHF tends to decrease.

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