USDCHF Hits a Multi-Week High as the Trend Shifts Price to 0.9200 Level

USDCHF Price Analysis – September 8

USDCHF soared to level 0.9200 on Tuesday after reaching a multi-week high as trend price shifts higher – the highest level after Aug. 12. The dollar discovered some demand across the market against the majority of the majors as USDCHF moved up approximately 0.30 percent.

Key Levels
Resistance Levels: 0.9902, 0.9467, 0.9200
Support Levels: 0.9116, 0.9050, 0.8845
USDCHF Long term Trend: Ranging
Since a breakout may occur beyond the descending trendline and bullish traders may continue to push the exchange rate higher during subsequent trading sessions. The potential target for bulls may be on level 0.9300.

Continuous trading underneath the 100% forecast of 1.0342 to 0.9242 levels from 1.0231 to 0.9081 levels may open the path for a forecast of 138.2 percent at 0.8639 levels. To be the first proof of medium to long-term bottoming, a breach of the 0.9370 resistance level is required on the upside.
USDCHF Short term Trend: Ranging
The breach of USDCHF of 0.9181 resistance level may suggest short-term bottoming at the level of 0.8998, on bullish condition in 4 hour RSI. For horizontal resistance (now at 0.9242 level), and over, the intraday bias is pulled back to the upside.

Quite an improvement is seen as a corrective shift and thus we will be showing interest to the 0.9321-level retraction of about 38.2 percent from 0.9902 to 0.8998 levels. On the downside, to substitute 0.8998 low level, beneath 0.9050 minor support level would transform bias back to the downside.

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