USDCHF Rebounds Around 0.8900 Level As Upbeat Market Mood Caps CHF

USDCHF Price Analysis – February 12

After easing to 0.8892 lows at the prior session, the USDCHF pair rebounds around the 0.8900 zones during Friday’s European session with market action turning upwards. Meanwhile, the upbeat market mood helps USDCHF limit its downside despite the USD’s weakness.

Key Levels
Resistance Levels: 0.9093, 0.9045, 0.8998
Support Levels: 0.8900, 0.8858, 0.8822
USDCHF Long term Trend: Ranging
USDCHF rebounds from 0.8897 level while adding to recovery moves ahead of the American session on Friday. Even so, the quote remains inside the range established since Wednesday. While strong RSI conditions favor the quote’s latest bounce off horizontal support at 0.8900, the recovery moves will have a bumpy road considering the barrier of moving average 13 at 0.8950.

Hence, USDCHF buyers may remain worried unless breaking the immediate resistance line, at 0.8920 level, following that the 0.8998 and the 0.9045 levels may limit its further ascent. It should also be noted that the pair’s continuous run-up past-0.9000 threshold needs to cross the monthly high of 0.9045 level to restore the bulls’ conviction.
USDCHF Short term Trend: Ranging
USDCHF is still holding below the temporary high of 0.9045 level, despite today’s rebound. Intraday bias stays primarily neutral. If the rebound continues to the upside, the bullish potential could be capped by the 0.8998 zones, leading to a fresh decline.

On the other hand, a breakout of 0.8998 level could launch a larger uptrend with a 61.8% forecast from 0.8757 to 0.8998 from 0.8822 at 0.9045 levels next. However, the resistance cluster formed around 0.9045 could limit the USDCHF exchange rate in the short term.

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