USDCHF Continues a Downward Trend As Risk Flows Dominate

USDCHF Continues a Downward Trend As Risk Flows Dominate

USDCHF Price Analysis – May 25

USDCHF pair is still on track for daily losses. It is currently trading at 0.8955, down 0.17 percent on the day. For the time being, the pair tends to rangebound at the moment. As risk flows dominate the markets, the US Dollar Index continues to fall. If the price falls below 0.8930, a further downside is expected.

Key Levels
Resistance Levels: 0.9200, 0.9100, 0.9000
Support Levels: 0.8900, 0.8800, 0.8700
USDCHF Long term Trend: Ranging
The pair has been consolidating near the 0.8950 marks on the daily chart, indicating the development of several bottoms. The pair is also in the same range as they were in late February. As a result, it is a critical stage for determining the pair’s price behavior.

If the price moves consistently below the session’s low of 0.8930, market participants can see substantial selling opportunities. The first stop for the bears will be at 0.8920, the low from February 9. It would pave the way for a further drop to the February 10 low of 0.8890.
USDCHF Short term Trend: Bearish
Despite a steep drop from its recent high of 0.9000, the USDCHF is still trading above the 0.8920 psychological support mark. However, the intraday bias remains on the downside. As long as the 0.8920 support level remains, another rise is possible.

At this time, the USDCHF intraday bias is already on the downside. The current drop from 0.9000 could lead to a test of the low of 0.8871. However, a breach of the 0.9000 resistance level would signal a short-term bottom. The intraday bias will be shifted back to the upside in anticipation of a stronger rebound.

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