USDCHF Plunge to Attempt a Psychological Low Level at 0.90

USDCHF Price Analysis – July 31

During the early European session, the USDCHF pair witnessed some selling and plummeted towards psychologically low at 0.90- the lowest level since May 2015. Furthermore, the safe-haven CHF earned from a selloff in US stock markets.

Key Levels
Resistance Levels: 0.9902, 0.9467, 0.9181
Support Levels: 0.9047, 0.9000, 0.8969
USDCHF Long term Trend: Bearish
USDCHF is trying to broaden its push beneath the key lows of 2018 and March 2020 to 0.9000 level, further supporting the view that presently we may see a weekly closing underneath this important inflection level.

A close beneath the May 2015 low at 0.9072 level might just see support at 0.9047 level, ahead of the 0.9000 level psychological barrier, where we may see an initial attempt to hold. In the positive, the first sign of medium-term bottoming would be a breach of 0.9362 resistance level.
USDCHF Short term Trend: Bearish
The decline of USDCHF is so far worsening to a level of 0.9056. The forecast level of 0.9081 over the medium term is already reached but there is no indication of bottoming yet. On the downside, the intraday bias continues.

The next near-term goal will be a forecast of 161.8 percent from 0.9467 to 0.9370 levels at 0.8969 levels. On the upside, a lower resistance level beyond 0.9151 may transform neutral the intraday bias and first offer stabilization, before another downside is triggered.

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