USDCHF Continues Range Trading Beneath 0.9700 Level Amid the Risk Market Mood

USDCHF Continues Range Trading Beneath 0.9700 Level Amid the Risk Market Mood

USDCHF Price Analysis – May 26

The USDCHF pair failed to build on its initial rise to highs of one week and now seemed to be slipping down to the lower side of the daily trading range. The range trading under 0.9700 level for the umpteenth session was supported by the risk market mood, which continues to bolster the demand for the safe-haven Swiss franc.

Key levels
Resistance Levels: 1.0231, 1.0027, 0.9766
Support Levels: 0.9650, 0.9440, 0.9181

USDCHF Long term Trend: Ranging
Tuesday, amid the range trading conditions, the USDCHF pair is losing in a 50-pip range.  As of writing, the pair was trading at 0.9656 level in the middle of its three-week-old range, losing 0.60 percent daily.

On the contrary a 0.9902 level breach may increase the 0.9181 level of the rebound context through 1.0027 level of resistance. After all, medium- to long-term trading in ranges is likely to persist for some extended periods between 0.9181/1.0231 levels.

USDCHF Short term Trend: Ranging
Intraday bias in USDCHF stays neutral with emphasis shifted to 0.9650 support level with today ‘s fall. A drop expands the corrective trend from 0.9902 level to 0.9600 support level and beneath with another decline.

Although downside may be limited by retracing 61.8 percent from 0.9181 to 0.9902 to recover at 0.9440 levels. On the upside, a test at 0.9902 high level may aim a breach of 0.9766 resistance 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.