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USDCHF Price Analysis – March 23
The USDCHF pair found new buyers at the start of Wednesday’s European session with renewed strength to trade past 0.9300 level. The momentum indicators are painting an optimistic picture for the pair in the near term. US stocks turn firmer as the recent fears of high inflation in the United States eased.
Key Levels
Resistance Levels: 0.9547, 0.9457, 0.9375
Support Levels: 0.9220, 0.9150, 0.9093
USDCHF Long term Trend: Ranging
At present, the USDCHF will contend with the upside barrier at 0.9300 level which has stayed as resistance a few times. If the bulls claim that number, the way will open towards the swing high of 0.9375 level. Higher, the rally is expected to take a breather around 0.9400 round figure.
On the downside, the ascending trendline puts a stop at 0.9220 level and the surface of the lower channel may attempt to balance any downside correction. However as USDCHF continues to strengthen its position amid the bullish rebound towards 0.9300, a downside correction may come into play in subsequent sessions.
USDCHF Short term Trend: Ranging
From the 4-hour time frame perspective, the short-term risk seems to seek to maintain its upside in the USDCHF market, but trend signals remain mixed for now, suggesting that any strength in the price could be transitory.
Overall, the outlook in USDCHF stays unchanged and intraday bias remains neutral initially. The range trading from 0.9375 level is expanding. In the scenario of a steeper decline, the anticipation of a downside move may be contained by 38.2% retracement of 0.8870 to 0.9375 levels at 0.9150 to usher in an increased rebound.
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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