USDCHF Price Analysis – February 9
The USDCHF pair sustained its heavy selling pressure through the mid-European session into the American session and was last seen at 0.8929 low toward 0.8920 regions. A shift in the US Treasury bond yields weigh on the dollar and was seen exerting pressure on the USDCHF pair.
Key Levels
Resistance Levels: 0.9304, 0.9187, 0.9093
Support Levels: 0.8920, 0.8858, 0.8757
USDCHF Long term Trend: Ranging
As seen on the daily, the USDCHF pair reverted lower on Tuesday as the market unwound the overbought condition, coming towards the support at 0.8920. The pair have subsequently shifted into a very near-term consolidation range, however, with daily RSI momentum still pointing lower, we look to downside pressure to resume breaking the base.
On the other side, USDCHF resistance is seen initially at 0.8998, then 0.9045 levels, removal of which would expose the 0.9093 and 0.9187 levels which is a measured higher objective and the uptrend barrier from Nov 2020 at 0.9187 and 0.9304. Otherwise, the trend may stay bearish in case of a rebound.
USDCHF Short term Trend: Ranging
USDCHF is still holding above 0.8920 resistance turned support level despite steep retreat from 0.9045 recent high. The intraday bias stays neutral first. Another increase may stay in view as long as the 0.8920 support level holds intact.
On the upside, a break of 0.9045 level may restart the recovery from 0.8757 short term bottom to 38.2% retracement of 0.9902 to 0.8757 at 0.9187 levels. However, the continuous breach of 0.8920 may imply that the recovery has ended and usher in a retest of 0.8757 low level.
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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