USDCHF Price Analysis – December 15
The USDCHF pair plunged to its lowest level of 0.8850 and stays pressured in a tight range while posting multi-year lows on Tuesday and seems to be having a difficult time staging a meaningful rebound amid the broad-based USD weakness. As of writing, the pair remains flat on the day at 0.8858 level.
key Levels
Resistance Levels: 0.9100, 0.8998, 0.8948
Support Levels: 0.8851, 0.8746, 0.8639
USDCHF is moving below the 5 moving average, indicating a downward trend. Markets could indicate that price could test a further downside at 0.8800 and then resume its move down to 0.8746. Another signal in support of the continuation of the downtrend will be a rebound from the upper border of the downtrend channel.
In a broader context, the decline from 1.0231 is seen as the third phase of the trend from 1.0342. There are no evident signs of finishing now. The following aim should be 138.2% forecast from 1.0342 to 0.9191 levels from 1.0231 at 0.8639 levels. In the subsequent scenario, a breakout of the 0.9296 resistance level is required to signal a mid to long term trend.
USDCHF is still capped in a range from the temporary low of 0.8851. Initially, intraday sentiment remains neutral. In the event of another bounce, upside potential should be limited by the 0.8982 support level, which has turned into a resistance level, which will lead to the renewal of another decline.
On the other hand, a breakout of 0.8851 could lead to a 61.8% forecast from 0.9902 to 0.8998 from 0.9296 at 0.8746 next. The pair failed to capitalize on the rebound attempts made in the prior session and a clear breach beneath 0.8850 may not deter 0.8800 from being tested.
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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