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USDCHF Price Analysis – August 21
The USDCHF pair stays underneath the sellers’ influence through the early European session and was last seen trading near daily lows, with the pair now eyeing a break below the 0.9050 marks. A turnaround in the global risk market dominates USDCHF traction beneath 0.9100 level as Swissy retains safe-haven sentiment.
Key Levels
Resistance Levels: 0.9902, 0.9467, 0.9181
Support Levels: 0.9000, 0.8839, 0.8675
USDCHF Long term Trend: Bearish
That said, from a technical analysis perspective, the pair looks to have bottomed out for now and could challenge the horizontal resistance level at 0.9321. The daily chart now shows a bullish divergence of the relative strength index.
On the flip side, below 0.9050 level the next support seen in USDCHF stands at 0.9010 followed by 0.8839 and then 0.8675 levels. On the upside, now 0.9116 level is the initial resistance. Meanwhile, the US dollar could gain strength for a rise to the 0.9140 area that protects the weekly high at the 0.9161 zones.
USDCHF Short term Trend: Bearish
USDCHF is staying in consolidation from 0.9010 low level and intraday bias remains neutral. Further decline is expected as long as 0.9181 resistance level holds. Break of 0.9010 low level will resume a larger downtrend.
However, considering bullish convergence condition in 4 hour RSI, a break of 0.9181 level should confirm short term bottoming and turn bias back to the upside for a rebound to the horizontal resistance level at 9242.
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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