USDCHF Falls Below Critical Support, Dollar’s Slide Accelerates
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USDCHF Falls Below Critical Support, Dollar’s Slide Accelerates

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Azeez Mustapha

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USDCHF Price Analysis – October 19

On Tuesday, the US dollar fell slightly against the Swiss franc. The pair fell lower to settle below 0.9200 after touching the high at 0.9242 in the US session. The USDCHF currency pair is currently trading at 0.9225, down 0.15 percent on the day. As traders’ decisions are influenced by Fed tapering and increased inflationary concerns, higher US Treasury yields underpin the appetite for the US dollar.

Key Levels
Resistance Levels: 0.9472, 0.9375, 0.9275
Support Levels: 0.9175, 0.9100, 0.9018
USDCHF Long term Trend: Ranging
Daily, the USDCHF has prolonged its weakness below moving averages 5 and 13, indicating that sellers are likely to hold the reins tight and target a retracement level of 0.9230 during the current falls.

The 0.9175 region is the immediate support, and a break below that level would expose the 0.9150 level, which is a multi-month support zone low. On the upside, the immediate resistance is currently at 0.9250, followed by 0.9275 and 0.9300.
USDCHF Short term Trend: Ranging
USDCHF is range-bound at 0.9175/9275, with an intraday tendency to the negative. An additional drop is still possible with a resistance level of 0.9250 intact. The breach of the 0.9175 level, on the other hand, might trigger a further downward fall.

Even so, given the bullish convergence situation in the 4 hour RSI, a breach of the 0.9175 level might confirm short-term bottoming and shift the bias back to the upward, allowing for a rebound to the horizontal resistance line (now at 0.9250 level).

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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