USDCHF Sustains Selling Bias Towards Sub 0.9100 Level As the US Dollar Stays Under Pressure

USDCHF Sustains Selling Bias Towards Sub 0.9100 Level As the US Dollar Stays Under Pressure

USDCHF Price Analysis – September 11

USDCHF drops beneath 0.9100 level, down 0.25% on a day, during the European session on Friday. The USDCHF pair sustains selling bias falling sharply for the third day in a row. The Swiss franc holds onto recent strength after the ECB meeting as the US dollar stays under pressure.

Key Levels
Resistance Levels: 0.9902, 0.9467, 0.9200
Support Levels: 0.9050, 0.8845, 0.8639
USDCHF Long term Trend: Bearish
As seen on the daily, USDCHF extended weakness below the moving average 5 and 13 while sellers are likely to keep the reins and target a retracement level of 0.9075 level during the immediate declines.

The 0.9050 area is the immediate support, and a break lower would expose the 0.8998 level that registers as the multi-year low. On the upside, now 0.9116 level is the immediate resistance followed by 0.9181 and 0.9200 levels.
USDCHF Short term Trend: Ranging
Intraday bias in USDCHF stays slightly on the downside for validating the 0.8998 thresholds. A dip may restart a larger downtrend. Even so, the 0.9200 level break may revive the turnaround from 0.9902 to 0.8998 at 0.9321 levels to 38.2 percent retracement.

Continuous selling underneath the 100% forecast of 1.0342 to 0.9181 from 1.0231 at 0.9075 levels sets the stage for a forecast of 138.2 percent at 0.8639 levels. To be the first sign of short-term bottoming, a breach of the 0.9370 resistance level is required on the upside.

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