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USDCHF Price Analysis – November 13
The USDCHF pair is currently trading down at 0.9131, representing a downside shift from gain to 0.9191 level during the week. The pair has pretty much erased from its weekly high. The COVID-19 vaccine news represents a challenge for the Swiss franc strength.
Key Levels
Resistance Levels: 0.9362, 0.9296, 0.9181
Support Levels: 0.9115, 0.8982, 0.8639
USDCHF Long term Trend: Ranging
As seen in the daily timeframe, a close beneath the lower channel border, currently at 0.9133, may validate a breakout and expose the Nov 9 low at 0.8982. Alternatively, a close outside the Nov 2 high at 0.9207 may validate the channel lower bounce seen at 0.8982 and shift risk in support of a breakout upward to recent highs past 0.9207.
On resumption, the next aim is a 138.2% forecast from 1.0342 to 0.9181 from 1.0231 to 0.8639. However, a strong breach 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 a re-test.
USDCHF Short term Trend: Ranging
The overall trend in the 4-hour chart of the USDCHF stays undecided and the intraday bias stays optimistic for consolidation. Further gains are still under consideration as minor support stays at 0.9115.
A decisive breach of the 0.9207 resistance level may be an early sign of a bullish reversal and a 0.9296 resistance target to test. On the other hand, beneath the minor support at 0.9115, the pair could shift back to the 0.8982 low.
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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