USDCHF Broadens Bearish Continuation Trend Beneath 0.8900 Level
Login

USDCHF Broadens Bearish Continuation Trend Beneath 0.8900 Level

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

USDCHF Price Analysis – December 8

USDCHF is trading around the level at 0.8892 having traveled between a range of 0.8914 and 0.8887 level on the day so far. The pair has plunged to its lowest level in 5 years at 0.8885 level as US Dollar Index clings to modest gains near 91.00.


Key Levels
Resistance Levels: 0.9191, 0.9100, 0.8982
Support Levels: 0.8840, 0.8746, 0.8639
USDCHF Long term Trend: Bearish
The USDCHF met renewed selling at the beginning of the day at the 0.8914 level and declined steadily due to continued broad-based USD weakness on risk sentiment. The price tumbled to an intraday low at 0.8887 level before recovering.

Meanwhile, in the larger context, the decline from the 1.0231 level is seen as the third phase of the trend from 1.0342 (high). There is no clear sign of completion yet. It is followed by the 138.2% projection of 1.0342 to 0.9191 level from 1.0231 at 0.8639 level. In any case, a break of 0.9296 resistance level is required to signal medium term bottoming. Otherwise, the trend may stay bearish in case of a rebound.
USDCHF Short term Trend: Bearish
USDCHF edged lower to the 0.8875 level but quickly recovered. The present intraday bias stays neutral first. In the scenario of another recovery, USDCHF upside may be restrained by 0.8982 support turned resistance level to usher in another decline.

On the downside, the breach of 0.8875 level may aim the 61.8% forecast of 0.9902 to 0.8998 levels from 0.9296 at 0.8746 levels next. As long as the 0.8982 level holds intact, marginal weakness is envisaged but reckon 0.8840 level may remain intact. Only beyond the 0.8982 level risks gain towards the 0.9055 level.

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

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News