USDCHF Gains Positive Traction Beyond the 0.9100 Level for the Third Day in a Row

USDCHF Gains Positive Traction Beyond the 0.9100 Level for the Third Day in a Row

USDCHF Price Analysis – October 28

The USDCHF extends the positive traction beyond the 0.9100 level while the pair attempted to break above the top for the third day in a row. The emergence of buyers around the US dollar-backed the surge and seemed somewhat unaffected by the prevalent risk-off situation.

Key Levels
Resistance Levels: 0.9241, 0.9296, 0.9165
Support Levels: 0.9087, 0.8998, 0.8746
USDCHF Long term Trend: Bearish
In case the bullish forces are exhausted above the 0.9100 level, the pair may try to trade beneath the nearest resistance in the 0.9133 zones. Crossing the barrier, the bulls will seek a decisive close above the channel’s surface. The next resistance remains at 0.9165.

In a broader context, the decline from 1.0231 is seen as the third phase of the trend from the 1.0342 (high) level. However, a strong breakout of the 0.9296 resistance level would be an early sign of a trend reversal and would draw attention to the key 0.9902 resistance level for confirmation.
USDCHF Short term Trend: Ranging
USDCHF is recovering slightly today but continues to consolidate from the 0.9030 level. For now, the USDCHF intraday bias stays steady. In the event of a stronger recovery, upside potential should be limited below the 0.9165 resistance level. With the 4-hour RSI firmly close to the overbought area, the underlying sentiment remains higher, with short-term support at recent lows at 0.9050.

On the other hand, a breakout of the 0.9030 level would first lead to a 0.8998 low. A solid break in this area will resume the larger downtrend to 61.8% of the forecast from 0.9902 to 0.8998 from 0.9296 to 0.8746 levels. However, a breakout of the 0.9165 level will invalidate this bearish outlook and revert the upward trend towards the 0.9296 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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Share with other traders!

Author : Azeez Mustapha

Avatar

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