USDCHF Wobbles Toward Two-Month Lows Beneath the 0.9030 Level Despite the Oversold Condition

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


USDCHF Price Analysis – November 6

The dollar has resumed its downtrend against the Swiss franc as USDCHF wobbles toward two-month lows beneath the 0.9030 level to reach session lows dangerously despite the oversold condition. The greenback has depreciated about 0.5% so far today amid a broad-based USD weakness with equity markets surging on US election uncertainties.

Key Levels
Resistance Levels: 0.9296, 0.9181, 0.9050
Support Levels: 0.8998, 0.8746, 0.8639
USDCHF Long-term Trend: Bearish
On the technical front of the daily chart, a clear breakout of the 0.9030 level could accelerate the downtrend. Note the August low of 0.8998. A slide below 0.9030 will target the recent low of 0.8998. The recent low of 0.8998 guards the 0.8943 support zone. A dip at 0.8943 is needed to introduce volume to the lows of the 0.8746/0.8639 range.

In a broader context, the decline from 1.0231 is seen as the third cycle of the trend from the 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. 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 to test.
USDCHF Short-term Trend: Bearish
USDCHF intraday slope remains bearish to retest 0.8998 low. The next nearest target is a 100% forecast from 0.9296 to 0.9030 from 0.9200 at 0.8943. On the other hand, a break of the minor resistance at 0.9133 would change short-term forecasts and neutralize intraday sentiment again.

Further support for recent near-term forecasts is the downward slopes of the 5 and 13 moving averages, which are holding in negative territory. RSI is heading down, the short-term picture remains negative below the 7-week low, and a break below this level will reinforce negative concerns.

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
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 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
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *