USDCHF Upside Traction Unrelenting Towards Mid 0.9000 Amid NFP and Vaccine Optimism

USDCHF Upside Traction Unrelenting Towards Mid 0.9000 Amid NFP and Vaccine Optimism

USDCHF Price Analysis – February 5

The USDCHF pair refreshes multi-day top early in the European session at 0.9045 level as upside traction unrelenting towards positive zones so far. The market mood is upbeat amid NFP and optimism about the Vaccines, stimulus, and US economy.

Key Levels
Resistance Levels: 0.9304, 0.9187, 0.9093
Support Levels: 0.8998, 0.8858, 0.8757
USDCHF Long term Trend: Ranging
The USDCHF pair hits a nine-week high to 0.9045 during early Friday. In doing so, the quote remains positive while staying inside a bullish channel formation established since last Friday. Considering the sustained trading beyond moving average 5 and 13, the USDCHF is up for further advances towards the 0.9093 barriers.

In a scenario where the USDCHF bears re-emerge and stay beneath 0.9093 level, the 0.8998 horizontal support can offer an intermediate halt during the retracement which may target moving average 13 around 0.8920 level. After which the pair may extend its rebound towards the vicinity of the 0.8998 and later 0.9093 levels.
USDCHF Short term Trend: Bullish
As seen on the 4-hour time frame, the intraday bias in USDCHF remains on the upside at this point. The advance from the 0.8757 level should at least be correcting the overall plunge from the 0.9902 level. The continuous rebound would be seen to 38.2% retracement of 0.9902 to 0.8757 at 0.9187 level.

On the downside, below 0.8998 minor support will turn bias neutral and bring some consolidations first, before staging another rally. On the other hand, a failure of the 0.8998 support level should be the first sign of a bearish reversal. Otherwise, its trend may stay bullish in the event of a mild pullback.

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.