USDCHF Gaining Positive Traction for the Continuation of Upside Rally Towards 0.9800 Level

USDCHF Gaining Positive Traction for the Continuation of Upside Rally Towards 0.9800 Level

USDCHF Price Analysis – April 24

The USDCHF pair soared in the last hour to roughly one-month highs, while attempting to increase the momentum to the 0.9800 level and then promptly lost few pips. o The pair sustained the positive growth and gained significant traction for Friday’s fifth straight session, amidst a seemingly unstoppable appetite for the US dollar.

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

USDCHF Long term Trend: Ranging

The daily chart reveals the pair, however, it is in sync with the upward trendline, confirmed on April 22 after the breakout. Also, the daily relative strength index (RSI) records a steady shift toward the north. The 5- and 13-day moving averages are both heading north, which suggests a bullish setup.

In the wider sense, a drop from level 1.0231 is perceived as the third part of the trajectory from level1.0342 (low). Having reached 0.9242 main support (low) level, it should have ended at 0.9181 level. The 0.9902 level break may increase the recovery from level 0.9181 to resistance level 1.0027. And besides, medium to long-term trade between 0.9181/1.0231 levels is likely to remain for a little more.

USDCHF Short term Trend: Bullish

Amid the present turnaround, USDCHF remains restricted beneath 0.9800 resistance level. First of all, intraday bias remains neutral. On the contrary, the 0.9800 level break may restore a resurgence from 0.9500 level and a 0.9902 high-level target retest.

A breach of 0.9600 support level on the downside may carry a further collapse. But downside should then be limited by retracing 61.8 percent from 0.9181 to 0.9902 to rebound at 0.9440 levels. As a whole, consolidation from level 0.9902 remains underway and may progress more.

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Author : Azeez Mustapha


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