USDCHF Rebounds but Stays Weak Beneath 0.8900 Level Amid Depressed US Dollar Index (DXY)
Login

USDCHF Rebounds but Stays Weak Beneath 0.8900 Level Amid Depressed US Dollar Index (DXY)

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

Azeez Mustapha

Updated:

USDCHF Price Analysis – December 11

The USDCHF pair declined to its lowest level around the level at 0.8851 on Friday but presents a rebound during the American session. The selling pressure surrounding the US Dollar Index (DXY) is reflecting the broad-based USD weakness resulting in further weakness for the USDCHF pair.

Key Levels
Resistance Levels: 0.9100, 0.8998, 0.8948
Support Levels: 0.8851, 0.8746, 0.8639
USDCHF Long-term Trend: Bearish
After rebounding from 0.8851, the horizontal resistance at 0.8895 may try to limit its upward movement. If the USDCHF bulls manage to dominate above 0.8900 at all, then the 13 moving average levels at 0.8950 will be critical to determine the bias.

Overall, the decline from 1.0231 remains the third trend cycle from 1.0342 (high). There are no clear signs of finishing for now. The following aim could be a 138.2% forecast from 1.0342 to 0.9191 levels from 1.0231 at 0.8639 levels. However, a breakout of the 0.9296 resistance level is required to signal a mid-term trend. Nevertheless, the trend may stay bearish in the rebound scenario.
USDCHF Short-term Trend: Bearish
The intraday bias in USDCHF turned neutral again after today’s rebound. Immediate rebound growth may be constricted by revised resistance at 0.8982, which may lead to continued decline.

On the other hand, a breach of the 0.8851 support level could restart the larger downtrend towards the 61.8% forecast from 0.9902 to 0.8998 levels from 0.9296 at 0.8746 levels next. However, the RSI oversold conditions are struggling with weakening bearish 5 and 13 moving averages, indicating a corrective 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

  • 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