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USDCHF Price Analysis – July 17
In the previous session, the pair established an upside candle that confirmed a price reversal higher from the March high downside of 0.9902 level. Simply put, one might anticipate buyers to attempt the psychological level of 0.95, which might affirm the overall bias once breached.
Key Levels
Resistance Levels: 1.0027, 0.9724, 0.9550
Support Levels: 0.9370, 0.9242, 0.9181
USDCHF Long term Trend: Ranging
On the daily chart, USDCHF is seen bouncing off June’s level of 0.9370 towards the high levels of 0.9500/50 around mid and late June. Those may need to be resolved to relieve the recent downside pressure and to make possible a return to the horizontal line of resistance at 0.9600 level.
Even more on the upside, the 0.9901 level breach may accelerate the recovery from level 0.9181 to resistance level 1.0027. And besides, medium- to long-term range trading is inclined to maintain for some longer between levels 0.9181/1.0231.
USDCHF Short term Trend: Ranging
The bias still favors moderately the view that a short-term bottom in USDCHF was established at 0.9370 level. Yet another increase to level 0.9550 may be seen. The continuous breach there may validate this scenario and bring out the bullish potential for a higher increase in the near term.
However, the 0.9370 level breach may restart the decrease from 0.9902 to 100% projection from 0.9902 to 0.9500, from 0.9724 to 0.9242 levels. The low of June 11 sits beneath the 0.9370 level support area, and further down the low of March at 0.9181 level.
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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