USDCHF Recovers Past 0.9600 Amid Risk-On Mood Constraints on the Safe-Haven CHF

USDCHF Recovers Past 0.9600 Amid Risk-On Mood Constraints on the Safe-Haven CHF

USDCHF Price Analysis – June 2

After touching new two-month lows, the USDCHF pair bounced back around 50 pips and leaped to new session highs in the last hour, around the region of 0.9620. The downside stayed shielded, for the moment at least, amid the prevailing risk-on mood, which constrained the safe-haven status of the Swiss franc.

Key Levels
Resistance Levels: 1.0231, 1.0027, 0.9724
Support Levels: 0.9550, 0.9440, 0.9181

USDCHF Long term Trend: Ranging
From a technical viewpoint, in the wider context, the pair does have some resilience beyond the 0.9600 round-figure marks, that matches with the lower end of two-month-old price action.

A compelling drop may pave the way for a drop to the psychological mark of the main 0.9500 level. On the contrary, the 0.9902 level breach may expand the 0.9181 level of the rebound phase through a 1.0027 level of resistance. And besides, medium to long-term market in ranges is likely to continue for some longer between 0.9181/1.0231 levels.

USDCHF Short term Trend: Bearish
The USDCHF intraday bias is turned bearish with 4 hour RSI keeping around 50 midlines. As long as 0.9724 resistance level holds, another decline will remain in favor. The corrective trend from level 0.9902 might still extend lower and 0.9550 level break with a target at support level 0.9500.

The downside, nevertheless, should be contained by retracing 61.8 percent from 0.9181 to 0.9902 to rebound at 0.9440 levels. On the upside, a break of 0.9724 resistance level instead turns the bias back to the upside.

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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