USDCHF Loses Steam for the Upward Advance After Hitting the Level at 0.9970

USDCHF Loses Steam for the Upward Advance After Hitting the Level at 0.9970

USDCHF Price Analysis – October 29

The USDCHF pair in the prior session advanced to fresh session highs, around the level at 0.9970 zone but retreated again, however earlier today with buyers making a fresh attempt to build on the prior momentum had moved further but stalled on the level at 0.9963 to retreat again for the downside crossing the horizontal zone on the level at 0.9944.

Key Levels

Resistance Levels: 1.0231, 1.0126, 1.0027

Support Levels: 0.9905, 0.9843, 0.9659

USDCHF Long term Trend: Bullish

As seen on the daily, the FX pair is losing steam for the upward advance. However with the level at 0.9905 minor support intact, then a further advance to the upside is still expected to the level at 1.0027 resistance initially.

While the firm breaks outside of the zone there may reactivate the resumption of the whole rally from the level at 0.9659. As it is presently, the FX pair is in a short-term downtrend, this is likely a correction, as both the short and long-term outlook remains bullish.

USDCHF Short term Trend: Ranging

On the flip side of the 4-hour time frame, the USDCHF had traded about 17 pips higher after the open, the FX pair was unable to hold on to its earlier gains in the European session while the bears took control and may end the day below its opening price.

Meanwhile, on the downside, a break of the level at 0.9905 minor support may change the bias back to the downside for the retest of the level at 0.9843 support instead. Otherwise, the short term trend may remain neutral at first.

Instrument: USDCHF
Order: Buy
Entry price: 0.9914
Stop: 0.9892
Target: 1.0027

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Author : Azeez Mustapha


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