USDCHF Downside Pressure Confined Beyond 0.9440 Level

USDCHF Price Analysis – June 26

USDCHF loosens to 0.9472 level, while still down 0.11 percent on a day, the pair may re-attempt the 0.9550 level after the pair’s initial downside pressure in the prior session was confined.

Key Levels
Resistance Levels: 1.0027, 0.9766, 0.9550
Support Levels: 0.9440, 0.9370, 0.9181
USDCHF Long term Trend: Ranging
The pair registered a bearish pattern after initiating a retraction from the recent low reached at Wednesday’s horizontal support level of 0.9440. The sellers thus seek a follow – up to the initial support line around 0.9440 level, with 0.9500 serving as initial resistance.

Even so, any more downside past-0.9440 level may test 0.9400 round-number before propelling the bears to the close 0.9370 (low) level. Similarly, a precise breach beyond Thursday’s high past 0.9508 level may attempt for subsequent resistance levels of 0.9550 and 0.9600.
USDCHF Short term Trend: Bearish
USDCHF has recovered a bit and weakens the short-term downside trend, limiting initial downside pressure and enabling for a potential re-test of the initial high level of 0.9550. It may have to be cleared up if another downside pressure is to be fully confined and the short-term uptrend at 0.9669 level is enabling towards rebound.

Though confined by the downtrend, a negative outlook may continue and the downside goal may stay at the level of 0.9370 (low) and the retraction of 78.6 percent at 0.9242 level, which is the last support for low of March at 0.9182 level.

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