USDCHF Maintains Mild Gains Despite the Recent Pullback From 0.8884 Top

USDCHF Maintains Mild Gains Despite the Recent Pullback From 0.8884 Top

USDCHF Price Analysis – January 8

USDCHF eases from 0.8884 high, also the intraday top, to 0.8847 during early Friday. Even so, the quote prints 0.06% gains on a day while maintaining mild gains at the upside. USDCHF is trading around 0.8858 as rising US yields boost the dollar. Tension mounts toward US Nonfarm Payrolls figures for December, which are set to show a modest increase.

Key Levels
Resistance Levels: 0.9187, 0.8998, 0.8918
Support Levels: 0.8757, 0.8639, 0.8550
USDCHF Long term Trend: Bearish
The USDCHF pair capitalized on its 2nd day in a row intraday uptick to trade positively to intraday highs of 0.8884 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: Ranging
USDCHF’s plunge to fresh lows of 0.8757 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.