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USDCHF Price Analysis – November 20
The USDCHF pair retreated under the 0.9100 level during Friday’s trading session turning south to a low of 0.9091 level. As of writing, the pair was down 0.08% daily at the 0.9104 level. All through the week, USDCHF remains on track to post small losses US Dollar Index gains mild traction.
Key Levels
Resistance Levels: 0.9362, 0.9241, 0.9140
Support Levels: 0.9090, 0.8982, 0.8639
USDCHF Long-term Trend: Bearish
On the daily chart, USDCHF found support at 0.9090 and if the pair attempts to breach beneath that level, it may open the path for a test of lower levels. The pair continues to consolidate in a narrow trading range between 0.9090 and 0.9140 levels, where it has been holding for 3 consecutive days.
In a broader context, the decline from 1.0231 is seen as the third phase of the trend from 1.0342 (high). 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 a re-test.
USDCHF Short Term Trend: Ranging
The intraday sentiment of USDCHF stays in a range at the moment. A further decline is moderate towards the support. On the other hand, beneath the 0.9090 level, the test at the 0.8982 low may be registered. A solid breakout from here could resume a larger downtrend.
On the other hand, a breakout of the 0.9207 resistance level should be the first sign of a bullish reversal. Otherwise, its trend may stay bearish in the event of a stronger rebound. Although there is still a long term downtrend, short and medium-term trends are consolidating.
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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