USDCHF Recovers to 0.9150 Amid Upbeat Swiss Retail Sales & Inflation Figures

USDCHF Price Analysis – November 2

The US dollar rose substantially against the Swiss franc on Tuesday, with the Swiss franc down 0.6 percent against the dollar throughout the day. The move to the upside is a significant reversal of the recent pattern of progressive decline. The CHF’s weakness on Tuesday contradicts strong Swiss economic data released during the session.

Key Levels
Resistance Levels: 0.9250, 0.9200, 0.9150
Support Levels: 0.9080, 0.9050, 0.9000
USDCHF Long term Trend: Ranging
On the daily time frame, the bullish return from the low level at 0.9088 has reaffirmed the recovery by pushing higher to 0.9150 after the prior day plunge to 0.9088. Following that, some technical buying is predicted as the price rises beyond the 0.9150 strong points.

Dips should be kept at bay by the 0.9101 level, which is located near the horizontal support barrier. Only a drop below 0.9101 will result in a return to the recent low of 0.9088. Nonetheless, a strong break of the 0.9150 support turned resistance level will signal a trend reversal and shift attention back to the important resistance level of 0.9200.
USDCHF Short term Trend: Bearish
USDCHF is extending its consolidation pattern from the low of 0.9088, and the intraday bias remains neutral. A breach of the 0.9088 low level will resume a bigger slump on the downside. Intraday bias in the pair is consolidating from the lows at this point.

A break of the 0.9101 minor support level on the downside will make the intraday bias bearish and bring some consolidations initially. However, if the price breaks the downward boundary and settles below 0.9080, the bullish scenario may be invalidated. In this event, the pair may continue to slide towards levels of 0.9050.

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