USDCHF Plummets to 0.9700 Sub-Levels Amid the Weaker Greenback

USDCHF Price Analysis – April 7

The USDCHF pair kept losing support in the American session through the early European, though recently registering daily lows underneath the 0.9700 level. Indications that the coronavirus global epidemic may hit its height in Europe and the United States have caused some lengthy-winding volatile trading in the US dollar.

Key Levels
Resistance Levels: 1.0231, 10027, 0.9902
Support Levels: 0.9650, 0.9440, 0.9181

USDCHF Long term Trend: Ranging

In the wider sense, a fall from level 1.0231 is viewed as the third leg of the trend from the level of 1.0342 (high). Having reached 0.9242 main support (low) level, it might have ended at 0.9181 level.

The exchange rate may keep rising in an ascending trendline pattern, all arguments aside. Within the sessions of this week, bulls may push the price toward the 1.0126 level.

USDCHF Short term Trend: Ranging

USDCHF intraday bias maintains moderate with an emphasis on 0.9650 limited level of support. A break may signify the completion of the rebound from the level of 0.9500, as an adjustment from the level of 0.9902 then would initiate the third leg.

The intraday bias may be adjusted back to the downside first at 0.9440 level for a 61.8 percent retracement from 0.9181 to 0.9902 level. On the upside, however, the 0.9902 high level may approach past the 0.9766 level.

Instrument: USDCHF
Order: Sell
Entry price: 0.9766
Stop: 0.9845
Target: 0.9650

Note: Learn2Trade.com 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