USDCHF Price Analysis – October 22
In the prior session, the USDCHF currency pair attempted to breach the short-term horizontal zone on the level at 0.9843. During today’s morning, the pair is testing the upper horizontal level formed above the MA 5 and 13 on the level at 0.9892.
Resistance Levels: 1.0126, 1.0027, 0.9905
Support Levels: 0.9843, 0.9798, 0.9659
USDCHF Long term Trend: Bearish
As displayed on the daily, If the given minor support level holds, the currency pair may likely attempt to exceed the psychological level at 0.9892 resistance. However, on the other hand, the US Dollar could consolidate against the Swissy in the nearest future.
Meanwhile, take note that the exchange rate is pressured by the moving average 5 and therefore, if the given support level does not hold, some downside potential may prevail following its longterm downtrend.
USDCHF Short term Trend: Ranging
Since the prior session, on the flip side of the 4-hour time frame, no change in USDCHF’s outlook. As it’s intraday bias remains on the upside zone in the near term with a focus on 0.9905 resistance.
However, this trend to the upside may be limited to the psychological level at 0.9892 resistance and a deeper fall may be seen to the level at 0.9843 support and below. On the upside, above the level at 0.9905 minor resistance will turn the focus back to the level at 1.0027 instead.
Entry price: 0.9905
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.