USDCHF Falters Beneath the 0.9800 Level in a Bid to Consolidate Gains

USDCHF Falters Beneath the 0.9800 Level in a Bid to Consolidate Gains

USDCHF Price Analysis – April 28

During the pre-European to American session, USDCHF continues on the front foot while holding rounds to 0.9724 level after faltering underneath the 0.9800 marks on Tuesday. A subsequent rally on the broad-based strength of USD to level 0.9700 is ongoing due to the safe-haven demand of USD indicating sellers may stay ahead of it.

Key Level
Resistance Levels: 1.0231, 1.0027, 0.9845
Support Levels: 0.9600, 0.9440, 0.9181

USDCHF Long term Trend: Ranging

For today’s recovery in USDCHF, the technical perspective for daily attention is inevitably at a 0.9800 resistance level. A break may restart the overall turnaround from level 0.9500. The medium to long-term bias for 0.9902 level resistance may be back on the upside.

On the contrary, the break of 0.9700 support level may continue the consolidation trend with yet another drop from 0.9902 level. The medium to long-term bias can then be initially altered back to the downside for 0.9600 support level. All in all, the downside might include a retraction of 61.8 percent from 0.9181 to 0.9902 at 0.9440 rebound levels.

USDCHF Short term Trend: Ranging

On the 4-hour time frame, we look for another attempt to counter the horizontal upside barriers and near term highs at level 0.9800. Although this may keep proving to be a difficult barrier, we remain biased towards a more imminent higher breach, to see intensity increase to the tighter resistance zone at 0.9845/0.9902 levels, notably high of 2020 and downtrend from 2019.

Alternatively, the support shifts to 0.9724, then 0.9700 levels, which may well floor the market’s upward trendline to retain risks higher. While falls in the pair beneath 0.9650 level may not fail to test the monthly bottom near 0.9500 level.

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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