USDCHF Fresh Bids Continue as Greenback Demand Surge, Price Past 0.9600 Level

USDCHF Price Analysis – March 17

Throughout the early North American session, the USDCHF pair kept scaling higher and shot to tops of over two weeks, with the price above the 0.9600 marks. A mixture of reinforcing elements – including a fast increase in the US dollar market – supported the pair to attract some fresh offers on Tuesday.

Key levels
Resistance Levels: 1.0231, 10027, 0.9696
Support Levels: 0.9533, 0.9370, 0.9181

USDCHF Long term Trend: Ranging

The decline from the level of 1.0027 in the larger structure is seen as the third leg of the sequence from 1.0231 level. As long as 0.9646 support turned resistance level holds, more decline could be seen from 1.0231 at 0.9081 levels to the 100 percent estimate of 1.0231 at 0.9181 levels.

The firm break of 0.9600 level, however, may mean that 0.9181 main support (low) level has been shielded. In the long-term range trend, USDCHF would then have begun another advance leg through the resistance zone of 1.0027 and 1.0231 (high) level.

USDCHF Short term Trend: Ranging

The USDCHF recovery from the level of 0.9181 managed to take out level at 0.9533. Bias in intraday is back on the upside. Sustained breakage of 0.9600 level may indicate a bullish reversal and aim at 0.9646 resistance level and next.

On the other hand, rejection by the level of 0.9646 can maintain bearishness for the near term while the 0.9370 level break may alter the downside bias for the 0.9181/6 level main support zone to be retested.

Instrument: USDCHF
Order: Buy
Entry price: 0.9600
Stop: 0.9533
Target: 0.9696

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