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USDCHF Price Analysis – November 24
The USDCHF has bounced up strongly from lows at 0.9124 level during the early US session, to register an intraday high at 0.9136 level. On the other hand, the US Dollar Index (DXY) failed to preserve its upward bias and stays in Negative territory.
Key Levels
Resistance Levels: 0.9362, 0.9241, 0.9191
Support Levels: 0.9100, 0.8982, 0.8639
USDCHF Long-term Trend: Bearish
From a technical point of view, the pair has recently reversed from 0.8982 seen on the daily chart, however, this has not overcome significant resistance and is fluctuating. The recent low at 0.9100 protects layers of lower supports. A dip at 0.9100 is needed to introduce volume to the recent lows of 0.8998/8982.
In a broader context, the decline from 1.0231 is seen as the third phase of the trend from 1.0342 (high). There are no clear signs of completion yet. 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: Ranging
In the short term, USDCHF recovered strongly after falling to the 0.9076 level. The intraday bias of the pair has shifted back up towards the 0.9191 resistance level. A decisive break would be the first sign of a bullish reversal and lead to sustained gains towards the 0.9296 resistance level to test.
On the other hand, the breakout of the immediate support at 0.9076 could be the target of the 0.8982 low tests. The initial support is at 0.8998. Below there is support at 0.8900 and then 0.8850. Its 4-hour RSI is hovering and pointing higher, suggesting further recovery.
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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