USDCHF Sustains Upside Run Beyond 0.9300 Level Amid Healthy NFP

USDCHF Sustains Upside Run Beyond 0.9300 Level Amid Healthy NFP

USDCHF Price Analysis – March 8

The USDCHF pair is on the rise on Monday hitting the highest level since last year. The pair’s buyers are building on fresh momentum beyond the 0.9300 marks. The uptick was sponsored by the healthy NFP numbers released on Friday.

Key Levels
Resistance Levels: 0.9547, 0.9457, 0.9370
Support Levels: 0.9304, 0.9207, 0.9093
USDCHF Long term Trend: Bullish
USDCHF further run continues to attack upside barriers and we expect to see a temporary pause here, however the upside objective is raised towards the 0.9370 level. As the pair maintains a firm undertone, suggesting the recent uptrend would head to 0.9457 in the following sessions, daily RSI at overbought should cap upside.

On the downside, only below 0.9304 signals temporary top is made and may risk stronger retracement to 0.9200 level. Below which support moves initially to 0.9150, beneath which would ease the immediate upside bias and see an intraday top completed to point towards a correction lower.
USDCHF Short term Trend: Bullish
The intraday bias in USDCHF stays on the upside at this point. The present rally from 0.8870 is in progress for 61.8% retracement of 0.9901 to 0.8870 at 0.9457 level. On the downside, a break of 0.9150 minor support may alter intraday bias neutral again. But the further rally is anticipated as long as 0.9045 resistance altered support holds intact.

Below 0.9207 minor support may alter bias neutral and usher in range trading at first, before staging another rally. On the other hand, a failure of the 0.9150 support level should be the initial sign of a bearish reversal. Otherwise, its trend may stay bullish in the event of a mild pullback.

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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.