USDCHF Gains Traction After Support Discovery at 0.9000 Level

USDCHF Price Analysis – September 1 

The USDCHF pair tested 0.9000 level for the second consecutive day on Tuesday and step a pivotal rebound after support discovery. As of writing, the pair was up 0.42 percent daily at 0.9075 level. Given the broad-based vulnerability in the USD, the risk-on market environment does not permit the CHF to find a safe-haven demand.

Key Levels
Resistance Levels: 0.9902, 0.9467, 0.9181
Support Levels: 0.9000, 0.8850, 0.8639
USDCHF Long term Trend: Bearish
Although the lower part of the preceding day underlying the early 0.9000 troughs may become initial traders’ support. In the larger context, the fall from level 1.0231 is seen as the third phase of the trend from level 1.0342 (low) which continues to extend.

Continuous trading beneath the 100% forecast of 1.0341 to 0.9242 levels from 1.0231 at 0.9081 levels will 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 breach of the 0.9370 resistance level is required on the upside.
USDCHF Short term Trend: Bearish
USDCHF’s 0.9010-level breach suggests a resumption of the decline. Intraday bias is pulled back to the downside from 0.9902 at 0.8845 levels for a 100 percent forecast of 1.0231 to 0.9181 levels. To imply short-term bottoming, a breach of 0.9181 resistance level is required on the upside.

Perhaps in the scenario of recovery, the forecast may stay bearish. In a situation where the quote continues to soar beyond 0.9242 level it might attempt for the low enveloping 0.9370 level at the beginning of July.

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