USDCHF Falls Into Support Near 0.9170 As the DXY Weakens From Highs

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USDCHF Price Analysis – July 8

In the early trading hours, the US dollar’s plunge halts the USDCHF advance around 0.9264. The pair trades with a downside price action plunging to as low as 0.9173. USDCHF is currently trading at 0.9178, down 0.85 percent on the day. Investors accepted the Fed’s dovish stance and lower US GDP data as DXY weakens from multi-month highs.

Key Levels
Resistance Levels: 0.9472, 0.9375, 0.9275
Support Levels: 0.9142, 0.9080, 0.9000
USDCHF Long term Trend: Ranging
The USDCHF pair retreated down on Thursday, as the market unwound the overbought condition, approaching the support at 0.9170, as seen on the daily chart. The pair has since moved into a relatively medium-term consolidation zone, but with daily RSI momentum still pointing lower, we expect bearish pressure to break the base again.

USDCHF resistance, on the other hand, is initially seen around 0.9240, then 0.9275 levels, with a break of which would expose the 0.9304 and 0.9375 levels, which are a measured higher objective and the uptrend barrier from April 2021 at 0.9472. In the absence of a rebound, the trend may remain bearish.
USDCHF Short term Trend: Ranging
With the current trend, USDCHF’s intraday bias has shifted to ranging. Until minor 0.9200 resistance is attempted, a steady drop is desirable. A definitive break of the 0.9142 level, on the other hand, might accelerate a wider slump. A break above the minor barrier at 0.9200, on the other hand, might take the bias back up towards the 0.9240 resistance zone.

On the downside, if the 0.9170 level is breached, the 61.8 percent estimate of 0.9275 to 0.9170 levels from 0.9472 at 0.9140 levels may be targeted. Marginal weakness is expected as long as the 0.9275 level persists, but the 0.9240 barrier is likely to stay. Only above the 0.9240 level is there a chance of gains toward the 0.9275 level.

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