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USDCHF Price Analysis – August 3
Following last week’s decline, the USDCHF is deepening its downward bias on Tuesday. The currency pair is currently trading at 0.9030, down 0.28 percent on the day. The Swiss franc has maintained its safe-haven status despite market volatility. The Consumer Price Index (CPI) in Switzerland grew to 0.7 percent on an annual basis in July, up from 0.6 percent in June, according to figures released on Monday.
Resistance Levels: 0.9200, 0.9150.0.9100
Support Levels: 0.9000, 0.8950, 0.8900
USDCHF Long term Trend: Ranging
The USDCHF was hit by fresh selling at the start of the day at 0.9057, and it proceeded to fall due to broad-based USD weakening on risk sentiment. Markets may hint that the price will try a new low of 0.9000 before resuming its decline to 0.8950. A rebound from the downtrend channel’s upper border will be another indicator in favor of the downtrend’s continuation.
USDCHF resistance, on the other hand, is initially seen around 0.9050, then 0.9080 levels, with a break of which would expose the 0.9150 and 0.9200 levels, which are a measured higher objective and the MA 13 uptrend barrier at 0.9133. In the absence of a rebound, the trend may remain bearish.
USDCHF Short term Trend: Bearish
With the current trend, USDCHF’s intraday bias has shifted to bearish. Until minor 0.9080 resistance is attempted, a steady drop is desirable. A definitive break of the 0.9000 level, on the other hand, might accelerate a wider slump. A break above the minor barrier at 0.9080, on the other hand, might take the bias back up towards the 0.9150 resistance zone.
In the last week, the pair has made a bearish lower high and now looks set to challenge the June 11 low of 0.8926. The bearish move of moving averages 5 and 13 as well as reading below 30 on the Relative Strength Index supports the negative view.
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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