USDCHF Renews Selling Bias Beneath the Level at 0.9100 As Market Mood Undermines the Swissy

USDCHF Renews Selling Bias Beneath the Level at 0.9100 As Market Mood Undermines the Swissy

USDCHF Price Analysis – August 25

The USDCHF pair declined slightly into American session from early European session and fell in the last few hours to fresh daily lows, in the area of 0.9081.  The mood on the market could weaken appeal for the Swiss franc safe-haven and serve to limit any negative trend.

Key levels
Resistance Levels: 0.9902, 0.9467, 0.9181
Support Levels: 0.9000, 0.8850, 0.8639
USDCHF Long term Trend: Bearish
USDCHF was unable to breach the psychological support level of 0.9000 on the daily timeframe as the pair started to climb and reached the horizontal resistance line at 0.9116 levels. Before opening a position it needs to be broken upwards. Recent analysis indicates these trends are still expanding.

Continuous trade beneath the 100% forecast of 1.0342 to 0.9242 levels from 1.0231 to 0.9081 levels may open the path for a forecast of 138.2 percent at 0.8639 levels. To be the first indication of medium to long-term bottoming, a breach of 0.9370 resistance level is required on the upside.
USDCHF Short term Trend: Ranging
USDCHF’s intraday bias holds firm, as range trading progresses. Despite the resistance level of 0.9197 unchanged, deeper fall is still prospective. On the downside, the 0.9010-level breach may revive a bigger downward slide.

Nonetheless, given bullish convergence condition in 4 hour RSI, breach of 0.9197 level may validate short-term bottoming and turn back bias to the upside for a rebound to horizontal resistance zone (now at 9242 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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