USDCHF Rebounds From Lows to Attempt Near Term Resistance at 0.9724 Level


USDCHF Price Analysis – May 5

Throughout the pre-European session on Tuesday, USDCHF holds fast to marginal gains of 0.5 percent thus moving rounds past 0.9700 levels into American sessions. By so doing, the pair is increasing rebound earnings from Friday’s low level of 0.9589, and also from the base of five weeks. The latter came as a result of enhancing the risk bias that eroded the scarcity for safe-haven on the Swiss franc and stayed supportive.

Key Levels
Resistance Levels: 1.0231, 1.0027, 0.9800
Support Levels: 0.9600, 0.9440, 0.9181

USDCHF Long term Trend: Ranging

In the wider sense, a fall from level 1.0231 is seen as the third part of the trend from level 1.0342 (low). Having reached 0.9242 main support (low) level, it should have ended at 0.9181 level.

A 0.9902-level breach may broaden the 0.9181-level rebound phase across 1.0027 resistance levels. Moreover, medium- to long-term range activity may continue for some longer around 0.9181/1.0231 levels.

USDCHF Short term Trend: Ranging

The 0.9669-minor resistance level breach in USDCHF implies the conclusion of a 0.9800-level decline. Intraday bias is initially altered back to the upside for level 0.9800. A run may approach a test at the resistance level 0.9901.

On the contrary, beneath 0.9600 level may shift bias to the downside for 0.9500 support level, although broader market activities from 0.9901 level are ongoing and downside may be limited by 61.8 percent downward retraction from 0.9181 to 0.9902 at 0.9440 rebound levels.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.