USDCHF Edges Lower for 5 Straight Days to Multi-Year Low Level at 0.9030

USDCHF Edges Lower for 5 Straight Days to Multi-Year Low Level at 0.9030

USDCHF Price Analysis – August 18

During the early European session, the USDCHF pair fell to fresh multi-year lows, around the 0.9030 marks, although few pips were tried to recover later. One of the main factors which continued to put pressure on the USDCHF pair was the heavily offered tone around the US dollar.

Key Levels
Resistance Levels: 0.9902, 0.9467, 0.9181
Support Levels: 0.9000, 0.8875, 0.8639
USDCHF Long term Trend: Bearish
The USDCHF pair swiftly flipped around 20 pips from daily lows and was last seen trading around the 0.9050 regions, only with moderate losses. Over the past few sessions, USDCHF has pushed lower today, falling beneath the range lows at 0.9050 in early trading this morning, with next big supports at 0.9000, before 0.8875 level.

Within the wider context, the decrease from level 1.0231 is perceived as the third step of the trend from level 1.0342. Recent development indicates these trends are still growing. Continuous trade beneath the 100% projection of 1.0342 to 0.9181 levels from 1.0231 to 0.9081 levels may open the path for a forecast of 138.2 percent at 0.8639 levels.
USDCHF Short term Trend: Bearish
USDCHF ‘s breach of 0.9050 support level on the 4-hour time frame implies a continuation of the greater decline. Bias in intraday is back to its downside. The next near-term focus is a prediction of 61.8 percent from 0.9181 to 0.9050 levels at 0.8939.

To indicate short-term bottoming, a breach of 0.9181 resistance level is required on the upside. Anything else the trend in the event of a turnaround may stay bearish. While short-term momentum has so far failed to validate the lower break, after reaching the end of a major top at 0.9198 level, the core trend remains bearish.

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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