USDCHF Capitalize on Its Early Uptick to Level 0.9431 As COVID-19 Concerns Favor Safe-Haven CHF

USDCHF Capitalize on Its Early Uptick to Level 0.9431 As COVID-19 Concerns Favor Safe-Haven CHF

USDCHF Price Analysis – July 10

USDCHF is restoring more gains today after flipping 0.20 percent to 0.9431 level after the pair fell beneath the 0.9370 main level in the prior session. Buyers kept on to the gains on through initial North American session, despite failing to capitalize on the change amid concerns over the ever-growing cases of coronavirus.

Key Levels
Resistance Levels: 1.0027, 0.9766, 0.9500
Support Levels: 0.9370, 0.9242, 0.9181
USDCHF Long term Trend: Ranging
As observed on the daily, USDCHF dropped marginally beneath the level of 0.9370 in the prior session eventually stabilizing in the current session beyond the level of 0.9400.

Since this new low for July was followed by positive divergence on the daily RSI we anticipate seeing a medium to long consolidation taking place at least. The fall from 1.0231 is seen in the wider context as the third phase of the trend.
USDCHF Short term Trend: Ranging
The USDCHF intraday bias appears initially neutral. As long as the resistance level of 0.9440 remains, a further decline is still anticipated. The breach of 0.9370 immediate low level may broaden the decline from 0.9902 to 100 percent forecast from 0.9724 to 0.9500 at 0.9242 levels.

The continuous breach there may open the path for low-level retests of 0.9181. That being said, a strong breach of 0.9440 level may revert bias to the upside for 0.9550 resistance level instead.

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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Author : Azeez Mustapha

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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.