USDCHF Displays Steady Weakness Beneath 0.9500 Level After Heavy Selling Pressure for 2nd Day in a Row

USDCHF Displays Steady Weakness Beneath 0.9500 Level After Heavy Selling Pressure for 2nd Day in a Row

USDCHF Price Analysis – June 9

Since the recent North American session, the USDCHF pair plunged to new 10-week depths, amid bears already aiming to somehow extend the weakness beneath the main 0.9500 psychological marks. The safe-haven Swiss franc profited from a marginal weakening in the global risk sentiment – as seen by a weaker tone across equity markets.

Key Levels
Resistance Levels: 1.0231, 1.0027, 0.9766
Support Levels: 0.9440, 0.9242, 0.9181

USDCHF Long term Trend: Ranging
In the broader context, a downward trend from level 1.0231 is seen as the third phase of the trend from level 1.0342. Having attained 0.9242 main support (low) level, it should have ended at 0.9181 level.

The 0.9902 level breach may stretch the 0.9181 level rebound form through 1.0027 level resistance. After all, medium- to long-term trade in ranges is likely to persist for some longer between 0.9181/1.0231 levels.

USDCHF Short term Trend: Bearish
Short-term bias is bearish and if we get a steady breach and close underneath 0.9500 level, bears may look for weak pullbacks into the broken support which should then act as resistance with the next support coming in at around 0.9242 level as seen on the daily chart.

Unless, on the contrary, we see a sharp reversal and return above 0.9550 level, then we are probably looking at an inaccurate break that might put 0.9766 level back into focus.

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.