USDCHF Price Analysis – December 29
USDCHF is falling for the second day in a row after attempting to rebound to 0.8918 from the 17 Dec 2020 lows of 0.8822. After reaching its lowest level, the pair appears to have entered a consolidation phase. The weakness of the US dollar as a whole is causing the USDCHF to fall.
Key Levels
Resistance Levels: 0.9187, 0.8998, 0.8918
Support Levels: 0.8822, 0.8746, 0.8639
The US dollar’s attempt to strengthen against the Swiss franc failed, with the pair gaining almost 90 pips after finding support from the 0.8822 level. The USDCHF pair needs to break the 0.8998 resistance level to balance the overall forecast. Medium to long term analysis continues to suggest that USDCHF could fall towards the 0.8800 area before a meaningful recovery occurs.
In a broader context, the decline from 1.0231 is seen as the third phase of the trend from 1.0342 (high). There are no clear signs of confinement. The next target is 138.2% forecast from 1.0342 to 0.9187 from 1.0231 at 0.8639. In such a scenario, a break of the 0.9304 resistance level is required to signal a mid-term day.
USDCHF is still holding above the temporary low of 0.8822, despite today’s decline. Intraday bias stays primarily neutral. If there is a subsequent rebound, upside potential could be capped by the 0.8982 zones, leading to a fresh decline.
On the other hand, a breakout of 0.8822 could launch a larger downtrend with a 61.8% forecast from 0.9902 to 0.8998 from 0.9304 at 0.8746 levels next. However, the support cluster formed around 0.8822 could support the USDCHF exchange rate in the short term.
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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