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USDCHF Price Analysis – October 9
USDCHF plunges to 0.9098 level, down 0.79% intraday, during the American session on Friday. In doing so, the pair is posting 3 consecutive days of losses. After trading early in a tight range USDCHF pair lost its upside traction as the US Dollar Index (DXY), which tested 94.00 earlier in the week, closed in the negative territory on Thursday, and extended its slide on Friday.
Key Levels
Resistance Levels: 0.9600, 0.9467, 0.9296
Support Levels: 0.9075, 0.8998, 0.8639
USDCHF Long term Trend: Bearish
As USDCHF failed to cross the immediate upside hurdle near the 0.9200 level, the trend now favors the sellers, with price beneath the MA 5 and MA 13 and around 0.9075 level may become a tough nut to crack for the USDCHF bears. And while above here we will maintain a neutral bias as this continues to indicate that support likely to hold.
The decrease from the 1.0231 level is seen as the third phase of the pattern from the 1.0342 (high) level in the wider sense. There is still no definite mark of completion. On continuance, the next aim may be a forecast of 138.2 percent from 1.0231 at 0.8639 levels from 1.0342 to 0.9181 levels.
USDCHF Short term Trend: Bearish
The collapse of USDCHF from the 0.9296 level returns by taking out the temporary low level of 0.9133. For a 0.8998 low-level re-test, intraday bias is switched back to the downside. The firm break might well restart a larger downward trend there.
To imply the achievement of the fall from the level of 0.9296, a breach of 0.9181 resistance level is required on the upside. Alternatively, in the event of recovery, the trend may now stay mildly bearish. Even so, an early indication of trend reversal and shifting focus back to 0.9902 main resistance for validation might be a huge shift of 0.9362 support turned resistance level.
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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