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USDCHF Price Analysis – April 21
The USDCHF pair tug of war between lackluster gains/slight losses and stayed limited through the early European session in a small trading range, past the 0.9700 mark. In the absence of early important releases of macroeconomic data and fundamental events on the 2nd day of the week, risk sentiment becomes the dominant catalyst of currency markets.
Key Levels
Resistance Levels: 1.0231, 0.9902, 0.9797
Support Levels: 0.9600, 0.9440, 0.9181
USDCHF Long term Trend: Ranging
As shown in the daily chart, reflecting at the wider context, over the past one month or so, the pair has fluctuated between two converging trend-lines, creating a symmetrical triangle on the daily chart.
In the broader context, the 0.9902 level break may increase the 0.9181-level recovery process into 1.0027-level resistance. However, medium- to long-term activity in ranges is expected to continue for a little longer between 0.9181/1.0231 levels.
USDCHF Short term Trend: Ranging
USDCHF intraday bias stays optimistic as consolidation intensifies. A break of 0.9600 level on the downside may carry a further drop. Yet downside may be limited by retracing 61.8 percent from 0.9181 to 0.9902 to recover at 0.9440 levels. On the upside, 0.9797 level breach may bring 0.9902 high-level retests.
Therefore, waiting for a convincing breakout in either position would be appropriate before validating the pair’s near-term trajectory despite ongoing confusion about the coronavirus disease outbreak.
Note: Learn2Trade.com 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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