USDCHF Proceed With a Surge Towards 0.9000 Level As the US Dollar Index Extends Rally

USDCHF Price Analysis – February 2

The USDCHF for the 3rd day in a row continues to move with an upward surge toward the 0.9000 level. In doing so, the pair marked reversal from the sub 0.8900 zones as the US dollar index extends rally beyond 91.00 giving a boost for the USDCHF pair.

Key Levels
Resistance Levels: 0.9187, 0.9093, 0.8998
Support Levels: 0.8920, 0.8858, 0.8757
USDCHF Long term Trend: Ranging
The USDCHF is trading higher with the surge towards the 0.8998 resistance during the session. This has enacted an inverted head and shoulder pattern which should eventually target the 0.9093 level. Currently, the RSI is pointed higher and previous support will act as resistance at the 0.9000 marks.

Ay such plunge towards the 0.8900-20 level should offer strong support. Meanwhile, after the uptick, the overall daily trend stays in consolidation after the initial rebound for further advance. A strong breakout of the 0.8998 resistance level would be an early sign of a trend reversal and would draw attention to the key 0.9093 resistance level for a test.
USDCHF Short term Trend: Bullish
The intraday bias of USDCHF has changed to bullish with the current trend. A sustained advance is preferred until minor 0.9093 resistance is breached. On the other hand, a decisive break of the 0.8998 level could resume a larger downtrend.

On the other hand, a break above the minor resistance at 0.9093 could push the bias back up towards the 0.9187/9304 resistance zone. On the upside, a breach of 0.8998 near term resistance is required to indicate short term bottoming. Yet still, the near term trend stays mixed despite the recovery.

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