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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
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