USDCHF Price Analysis – January 26
USDCHF has been stabilizing beyond mid 0.8800 extending its recovery moves towards 0.8900 level during the European session on Tuesday. Amid the unstable market sentiment, the risk-off mood bolsters the US dollar strength and the quote’s upside advance.
Key Levels
Resistance Levels: 0.9187, 0.9093, 0.8998
Support Levels: 0.8858, 0.8746, 0.8639
From a technical perspective, during the prior day, the USDCHF pair broke through an important horizontal key level at 0.8858 higher. That said, ranging conditions might help propel the advance, at least for the time being towards the 0.8900 level. The pair may extend its rebound towards the vicinity of the 0.8998 level.
On the other hand, the ongoing downward trajectory may continue if the USDCHF returns beneath the 0.8858 level with eyes towards the lower horizontal support level at 0.8839. Meanwhile, any attempted recovery back beneath the moving average 13 breakpoints at the 0.8875 level might be seen as a selling opportunity.
The intraday sentiment of USDCHF stays in a range at the moment. A further advance is moderate towards the resistance. On the other hand, beyond the 0.8900 marks, the test at the 0.8920 near term high may be registered. A solid breakout from here could resume a larger uptrend.
On the other hand, a breakout of the 0.8998 resistance level should be the first sign of a bullish reversal. Otherwise, its trend may stay bearish in the event of a stronger pullback. Although there is still a long term downtrend, short and medium-term trends are consolidating.
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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