USDCHF Selling Bias Stays for the 5th Day in a Row Beneath the 0.9100 Level

USDCHF Selling Bias Stays for the 5th Day in a Row Beneath the 0.9100 Level

USDCHF Price Analysis – September 15

The USDCHF pair maintained its selling bias through the first half of the European trading session, staying low for the 5th day in a row beneath the 0.9100 level. The pair extended its recent rejection slide from the 0.9200 marks amid sustained selling around the US dollar.

Key Levels
Resistance Levels: 0.9902, 0.9467, 0.9200
Support Levels: 0.9050, 0.8845, 0.8639
USDCHF Long term Trend: Bearish
Though, the support line of a medium-term horizontal line at 0.9060 levels questions the pair’s additional weakness. Not only the bearish formation but nearly oversold RSI conditions also question the pair’s nearby moves around the 0.9050 support level.

As a result, the pair’s bounce off 61.8% retracement level of 0.9075 level can be anticipated ahead of the recovery moves to challenge the moving average 5 and 13 confluence resistance zone, currently around 0.9090 level. Alternatively, the pair’s downside break of 0.9050 level will aim for a monthly low of 0.8998 level during the additional weakness.
USDCHF Short term Trend: Ranging
USDCHF intraday bias stays neutral as consolidation increases. On the downside, the 0.8998-level breach may restart a bigger downward slide. Nonetheless, the 0.9200 level breach may restart the recovery from 0.9902 to 0.8998 at 0.9321 levels to 38.2 percent retracement.

Continuous trade beneath a 100% forecast of 0.9242 from 1.0231 levels at 0.9081 levels sets the stage for a forecast of 138.2% 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.

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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