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USDCHF Price Analysis – June 8
The USDCHF is sliding under negative pressure, with the pair breaking to 0.9000 downsides during the European session and falling to 0.8960, the week’s low. Despite lower US market prices and a drop in US bond yields, the dollar fell. The yield on the 10-year Treasury note decreased to 1.56 percent, while the Dow Jones declined 0.41 percent.
Resistance Levels: 0.9200, 0.9100, 0.9000
Support Levels: 0.8950, 0.8870, 0.8757
USDCHF Long term Trend: Ranging
At the time of writing, the USDCHF pair is trading at 0.8961, down 0.16% for the day. The USDCHF pulled back under the moving average 5 and 13 and is it again near the 0.8950 support area. A close below would suggest more weakness ahead for the greenback. The next support stands at 0.8930.
The 0.8950 level is still important, and a move higher would signal more gains. The consolidation cycle with a bearish bias will continue as long as the price is below that level. The downwards momentum of the decline from 0.9472 will be watched by traders to determine if the 0.8757 low can be breached.
USDCHF Short term Trend: Ranging
The USDCHF has a neutral intraday bias as the consolidation from 0.8929 low continues. The outlook for further drop remains gloomy. A breach of 0.8929 low on the negative will resume the retreat from 0.9471 to retest the 0.8757 low.
However, a solid breach of 0.9053 will shift the bias to the upside, with the 38.2 percent retracement of 0.9471 to 0.8929 at 0.9129 as the first objective. If there is another rebound, the 0.9000 previous support level, which has now converted into a resistance level, signifying the start of a new downturn, should limit upside potential.
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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