USDCHF Extends Prior Recovery Moves From the Level at 0.9600 Towards the 0.9696 Level

USDCHF Extends Prior Recovery Moves From the Level at 0.9600 Towards the 0.9696 Level

USDCHF Price Analysis – March 31

USDCHF holds the U-turn of the prior day, thus bringing circles from the level of 0.9600 towards the mid-level at 0.9696 ahead of Tuesday’s American session. Even though yesterday the Fx pair stabilized sideways but could not resolve certain marked barriers, and thus stays fragile.

Key Levels
Resistance Levels: 1.0231, 10027, 0.9902
Support Levels: 0.9600, 0.9440, 0.9181

USDCHF Long term Trend: Ranging

Within the wider context, the fall from the level at 1.0231 is viewed as the third leg of the trend from the level of 1.0342 (high). Having reached 0.9242 main support (low) level, it should have concluded at 0.9181 level.

Retesting the 1.0231 high level may be seen as continued progress. After all, medium to long-term range trading may probably continue for some time between the level of 0.9181/1.0231.

USDCHF Short term Trend: Ranging

Amid current recovery, the intraday bias in USDCHF is considered neutral. On the upside, a break of 0.9696 minor resistance level can mean that the pullback from 0.9902 level is complete.

In the next level of 0.9902, intraday bias may be altered back to the upside. On the downside, a continuous break of 61.8 percent from 0.9181 to 0.9902 at 0.9440 level may approach a test at the main support level of 0.9181.

Instrument: USDCHF
Order: Buy
Entry price: 0.9600
Stop: 0.9550
Target: 0.9696

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.