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USDCHF Price Analysis – November 17
The USDCHF currency pair was in decline today, taking the price down to reach a lower level at 0.9100. The pair’s eyes further move lower as it looks to extend its broader downside pressure. The Swiss franc is vulnerable within the G10 complex and facing challenges as global risks subside.
Key Levels
Resistance Levels: 0.9362, 0.9296, 0.9191
Support Levels: 0.9087, 0.8982, 0.8639
USDCHF Long-term Trend: Bearish
Since the beginning of the current session, the US dollar has fallen by almost 40 points or 0.22% against the Swiss franc. The USDCHF currency pair tested the support level at 0.9087, and the next support is at 0.9030.
In a broader context, the decline from 1.0231 is seen as the third phase of the trend from 1.0342 (high). Its daily RSI is bearish and points lower, indicating further weakness. On the other hand, resistance is seen at 0.9191, with a reversal above that level, opening the door for a move to 0.9200 and above. Overall, USDCHF is still on a downward trend with further gains.
USDCHF Short term Trend: Ranging
USDCHF intraday bias returned to the downside with a breach of the minor 0.9100 support level. A retest of the 0.8982 low level should be seen. However, an ongoing breakout could further resume the downtrend.
On the other hand, a breakout of the 0.9207 resistance level should be the first sign of a bullish reversal. Otherwise, the trend may stay bearish in a new bounce scenario. On the other hand, bullish traders could put pressure on the currency exchange rate higher towards the short-term resistance level at 0.9191 during the next trading sessions.
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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