USDCHF Surges to 2-Month Highs Past 0.9200 Level Amid Positive Dollar Index

USDCHF Surges to 2-Month Highs Past 0.9200 Level Amid Positive Dollar Index

USDCHF Price Analysis – September 25

The USDCHF pair gained traction for the 5th day in a row and shot to 2-month highs past the 0.9200 level during the early European session. The improved dollar index is presently boosting the USDCHF bull case with a pullback most likely in the nearest future.

Key levels
Resistance Levels: 0.9902, 0.9550, 0.9321
Support Levels: 0.9200, 0.9116, 0.8998
USDCHF Long term Trend: Ranging
On the daily time frame, the momentum reaffirmed the prior day bullish break through the horizontal resistance turned support level at 0.9242 by pushing higher to 0.9282 level for the first time in six months. A subsequent strength towards the 0.9300 strong marks is expected to prompt some technical buying.

Dips should remain contained by 0.9200 level near the horizontal support barrier. Only a slide below 0.9181 level will trigger a slide back to the 0.8998 recent low level. Nevertheless, a strong break of 0.9376 support turned resistance level will be an early sign of trend reversal and turn the focus back to the 0.9902 key resistance level.
USDCHF Short term Trend: Bullish
Intraday bias in USDCHF stays on the upside at this point. The rebound from 0.8998 level should target 38.2% retracement of 0.9902 to 0.8998 at 0.9321 levels. Meanwhile a sustained break there will open the path to 61.8% retracement at 0.9550 levels.

On the downside, a break of 0.9181 minor support level will turn intraday bias neutral and bring some consolidations first. However, the bullish scenario may no longer be valid if the price breaks the downside border and fixes below the 0.9200 level. In this case, the pair may continue falling towards 0.9116 levels.

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.