USDCHF Picks Up Steam Towards 0.9300, Climbs to Multi-Week Tops

USDCHF Price Analysis – November 16

Around 0.9237 low, the USDCHF pair picks up steam adding to the previous day’s gains, up 0.55 percent to 0.9294 intraday high during the American session on Tuesday. The USD rose to near 16-month highs as market expectations grew that the US central bank would be compelled to act more aggressively to combat stubbornly high inflation.

Key Levels
Resistance Levels: 0.9472, 0.9375, 0.9300
Support Levels: 0.9275, 0.9175, 0.9102
USDCHF Long term Trend: Ranging
As the rebound from 0.9102 continues, the attention is now on the 0.9300 resistance level. A firm break there will signal the start of the third cycle of the corrective pattern from 0.8757. The positive momentum of the near-term oscillators is improving at present. The RSI is attempting to sustain a bullish trend toward 70.

For the fifth day in a row, the USDCHF maintains strong traction above its support zones from the 0.9100 level, with the pair attempting to break over the top. A robust breakout of the 0.9300 resistance level, on the other hand, would be an early sign of a trend reversal, drawing attention to the crucial 0.9375 resistance level for confirmation.
USDCHF Short term Trend: Ranging
USDCHF is currently attempting the 0.9300 resistance level after rallying past the 5 and 13 moving averages. A break under the 0.9275 level could lead to a test of the 0.9250 level. Even a closure near support levels could exacerbate a bearish trend shortly. If the price falls below 0.9250, the bullish pressure will ease, revealing the next support level at 0.9200.

In the short term, the surge from 0.9101 is considered the 2nd phase of the trend that began with 0.9088 (low). There are no obvious indicators of completion at this time. A robust breakout of the 0.9300 resistance level, on the other hand, would be an early sign of a trend reversal, drawing attention to the 0.9375 high level for confirmation.

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