USDCHF Price Analysis – January 22
The US dollar retreated against the CHF and may become more broad-based at the end of the week. As a result, USDCHF sellers seem to storm a retest of low regions comprising multiple levels to Jan 6 low around 0.8757 level. The dollar weakens as investors keep a tab on the stimulus package.
Key Levels
Resistance Levels: 0.9304, 0.9093, 0.8920
Support Levels: 0.8757, 0.8639, 0.8560
USDCHF Long-term Trend: Bearish
USDCHF is moving below the 5 & 13 moving average, indicating a continuous downward trend. Markets could indicate that price could test a further downside at 0.8800 and then resume its move down to 0.8757. Another signal in support of the continuation of the downtrend will be a rebound from the upper border of the downtrend channel.
In a broader context, the decline from 1.0231 is seen as the third phase of the trend from 1.0342. There are no evident signs of finishing now. The following aim should be 138.2% forecast from 1.0342 to 0.9191 levels from 1.0231 at 0.8639 levels. In the subsequent scenario, a breakout of the 0.9304 resistance level is required to signal a mid to long term trend.
USDCHF Short-term Trend: Ranging
USDCHF edged lower to the 0.8838 level. The present intraday bias stays neutral first. In the scenario of another recovery, USDCHF upside may be restrained by 0.8920 support turned resistance level to usher in another decline.
On the downside, the breach of 0.8822 level may aim the 61.8% forecast of 0.9902 to 0.8998 levels from 0.9304 at 0.8757 levels next. As long as the 0.8920 level holds intact, marginal weakness is envisaged but reckon 0.8822 level may remain intact. Only beyond the 0.8920 level risks gain towards the 0.9093 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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