USDCHF Posts Gains Beyond 0.9100 Level as US Dollar Index Edges Higher

USDCHF Posts Gains Beyond 0.9100 Level as US Dollar Index Edges Higher

USDCHF Price Analysis – October 13

After the close of the second week in negative territory, the USDCHF pair appears to have entered a phase of consolidation as the US Dollar Index rallies, supported by safe-haven flows. As the dollar began to gain strength on Tuesday, USDCHF rallied above 0.9100 level as a result of a moderate rebound, and last saw a 0.64% rise on the day to 0.9152 level.

Key Levels
Resistance Levels: 0.9600, 0.9467, 0.9296
Support Levels: 0.9075, 0.8998, 0.8639
USDCHF Long term Trend: Ranging
USDCHF continues to rally, posting gains above the 0.9100 level during the US trading session on Tuesday. Regardless, the RSI has changed its direction on the chart to give hope to buyers of the pair. As a result, a clear breakout of the resistance level of 0.9181 will confirm the growth of quotations towards MA 13, near the level of 0.9200.

In a broader context, the decline from 1.0231 is seen as the third phase of the trend from 1.0342 (high). There are no clear signs of completion yet. On resumption, the next target is 138.2% forecast from 1.0342 to 0.9181 from 1.0231 at 0.8639 levels. However, a strong breakout of the 0.9370 support level, which turned the resistance level, would be an early sign of a trend reversal and would look to the key resistance at 0.9901 for confirmation.
USDCHF Short term Trend: Ranging
The intraday bias in USDCHF has turned neutral amid today’s recovery. Further decline is still in favor as long as the resistance level of 0.9200 remains. Below 0.9075, the test will target the 0.8998 low. However, a further fall in the USDCHF price below the 0.9050 level will leave it vulnerable to the 0.9000 psychological magnets attack.

A solid breakout will lead to a resumption of a stronger downtrend. The next target is the 61.8% forecast from 0.9901 to 0.8998 from 0.9296 at the next 0.8639 level. On the other hand, the breakout of 0.9200 will continue the corrective pattern from the 0.8998 level with a new rally to the 0.9296 resistance and above.

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.