USDCHF Sustains Downside Pressure Under 0.9050 Level

USDCHF Price Analysis – August 28

USDCHF sellers catch a breather under 0.9050 level during the pre-European session on Friday. The quote slumped to the intraday low for a few minutes while sustaining downside pressure conditions.

Key Levels
Resistance Levels: 0.9902, 0.9467, 0.9181
Support Levels: 0.9000, 0.8850, 0.8639 USDCHF Long term Trend: Bearish
Once the USDCHF price stays low under 0.9050 level, the key to watch will be 0.9010 and the 0.9000 round-figures. Sustainable trading beneath the 100% forecast of 1.0342 to 0.9181 levels from 1.0231 at 0.9081 levels may open the path for a forecast of 138.2 percent at 0.8639 level.

To be the first sign of medium to long-term bottoming, a break of 0.9370 resistance level is required on the upside. Before searching for a suitable entry point, bulls will need to see a break upside down, but the price would align for a convicting bullish market set up on a swing basis.
USDCHF Short term Trend: Bearish
USDCHF stays bounded at 0.9010/9181 levels and intraday bias persists downside.  With a resistance level of 0.9181 intact, an additional decrease is still effective. On the contrary, the 0.9010-level breach may restart a bigger downward slide.

Even then, given bullish convergence condition in 4 hour RSI, breach of 0.9197 level may validate short-term bottoming and transform back bias to the upside for a rebound to horizontal resistance line (now at 0.9242 level).

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