USDCHF Increases for the 3rd Day in a Row Towards 0.9181 Level

USDCHF Increases for the 3rd Day in a Row Towards 0.9181 Level

USDCHF Price Analysis – September 22

USDCHF increases for the 3rd day in a row as the pair remains mildly bid while trading near 0.9160 level on Tuesday. The pair is aiming to breach upwards the 0.9181 level in the present session.

Key Levels
Resistance Levels: 0.9902, 0.9467, 0.9200
Support Levels: 0.9050, 0.8845, 0.8639
USDCHF Long term Trend: Bearish
The pair bulls successfully broke the descending trendline amid bullish RSI conditions but the horizontal resistance line 0.9181 level seems to limit the immediate upside. Even if the quote closes beyond the resistance level of 0.9181, a seven-week-old resistance line near 0.9198 level may question further upside by USDCHF.

On the contrary, a downside break of moving average 5 and 13, currently around 0.9116 level, will not be enough to recall the sellers as there are multiple supports adjacent to 0.9050/45 levels that also includes September 10 bottom.
USDCHF Short term Trend: Ranging
Range trading continues in USDCHF and intraday bias remains to the upside. On the downside, a break of 0.8998 level will resume a larger downtrend. Nevertheless, a break of 0.9200 level will resume the rebound towards 38.2% retracement of 0.9902 to 0.8998 at 0.9321 level.

The sustained trading below 100% projection of 1.0342 to 0.9181 from 1.0231 at 0.9050 level will pave the way to 138.2% projection at 0.8639 level. On the upside, a break of the 0.9370 resistance level is needed to be the first sign of medium to short term bottoming.

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.