USDCHF Price Analysis – June 1
Throughout the mid-European session, the USDCHF pair oscillated between mild gains and slight losses, remaining near the crucial psychological level of 0.9000. The safe-haven Swiss franc was weakened by the pervasive risk-on mood, as seen by a continuous advance in global equity markets.
Key Levels
Resistance Levels: 0.9129, 0.9080, 0.9045
Support Levels: 0.8950, 0.8930, 0.8900
In the long run, preceding rejection by a retracement of 0.8998 to 0.8972 at 0.8986 suggests that the rebound from 0.8757 was most likely merely a corrective move. That is, the greater downtrend from 1.0231 may still be ongoing. The pair is now below the sliding moving average of 13, confirming medium-term bearishness.
During the current trading session, bullish traders could aim for the resistance level of 0.9045 While the momentum remains strong, a retreat to the 0.8950 lift-off zone is likely, but only in modest rallies. The recent breakout to the 0.8998 level confirms that buyers have reclaimed control, and the price could be headed toward 0.9100 and beyond.
The USDCHF has a neutral intraday trend as consolidation continues well above the temporary low of 0.8930. As long as the 0.9045 resistance holds, the price may trade within the range. On the downside, a breach of 0.8930 will resume the decline from 0.9471, leading to a retest of the low of 0.8757.
On the other hand, a breach of 0.9045 will signal a short-term bottom. The intraday bias will be shifted back to the upside in anticipation of a bigger bounce. If the 0.9000 level is breached repeatedly, the 0.9045 resistance level may be approached next. However, before a major gain, the quote’s future gain will be hampered by local hurdles to the upward.
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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