USDCHF Upside Bias Stays Beyond the 0.9200 Level

USDCHF Price Analysis – October 2

USDCHF takes the bids beyond the 0.9200 level, up 0.21% on a day, ahead into Friday’s American session. A mixed payroll report and rising uncertainty may favor the greenback while a COVID-19 test may elevate the risk sentiment more broadly.

Key Levels
Resistance Levels: 0.9467, 0.9362, 0.9241
Support Levels: 0.9181, 0.9075, 0.8998
USDCHF Long term Trend: Ranging
USDCHF stays at level 0.9185 between the moving average of 5 and 13 and was last seen trading at level 0.9198 after growing beyond level 0.9200. The market has continued to generate higher highs and higher lows, and the next support could be the moving average 13 if the price starts to plummet.

The decrease from the level of 1.0231 is viewed as the third phase of the trend from 1.0342 (high) level in the larger sense. There is still no definite mark of finalization. On continuation, the next aim may be an estimated 138.2 percent of 1.0342 to 0.9181 from 1.0231 at level 0.8639 levels. Even so, an early indication of trend reversal and shifting the emphasis back to 0.9902 main resistance for validation might be a major breach of 0.9370 support turned resistance level.
USDCHF Short term Trend: Ranging
With 4 hours of RSI crossing underneath the midlines, the intraday bias in USDCHF is considered neutral. As well as the 0.9241 slight resistance level intact, another plunge is in order. The corrective pullback from the level of 0.8998 might have already ended with three stages up to the level of 0.9296.

A test at a low level of 0.8998 may hit the 0.9181 level. On the upside, the rebound may restart the breach of the 0.9241 level to 0.9296 level, to 38.2 percent retracement from 0.9902 level to 0.8998 at 0.9362 level.

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