USDCHF Drifts Higher to 0.8848 Level As Dollar Uptick Emerges

USDCHF Drifts Higher to 0.8848 Level As Dollar Uptick Emerges

USDCHF Price Analysis – January 1

The USDCHF pair emerges from multi-year lows today, 1st Jan 2021, with buyers now looking to extend the upward trajectory further beyond the mid 0.8800 marks. Soon a change of guard at the White House will come with economic, geopolitical, and social policy change with impact on the USD.

Key Levels
Resistance Levels: 0.9187, 0.8998, 0.8918
Support Levels: 0.8822, 0.8746, 0.8639
USDCHF Long term Trend: Bearish
The USDCHF pair capitalized on its intraday uptick to trade positively to intraday highs of 0.8848 level. Meanwhile, in the larger context, a decline from the 1.0237 level is seen as the 3rd phase of the trend from the 1.0342 (high) level.

For now, there exist is no evident sign of conclusion yet. The subsequent aim will be a 138.2% forecast of 1.0342 to 0.9187 from 1.0237 at 0.8639 levels. In such a scenario, the breach of 0.9304 resistance level is still required to signal the medium to long term bottom. Despite the uptick, the overall daily trend stays bearish after the initial rebound.
USDCHF Short term Trend: Bearish
USDCHF’s breach of 0.8822 support to 2020 lows of 0.8793 level suggests a downtrend may continue despite a rebound. The intraday bias stays on the downside. And yet subsequent aim is 61.8% forecast of 0.9901 to 0.8998 from 0.9304 at 0.8746 levels.

The breach may pave the path to a long term forecast level at 0.8639 level. On the upside, a breach of 0.8918 near term resistance is required to indicate short term bottoming. Yet still, the near term trend stays bearish despite the anticipated recovery.

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.