USDCHF Reversed an Early Upside Spike and Turned Neutral for the Session on Friday

USDCHF Reversed an Early Upside Spike and Turned Neutral for the Session on Friday

USDCHF Price Analysis – April 17

During the European session on Friday, USDCHF stays soft at around 0.9660 level into the American session and, in doing so, the pair stays neutral while retaining market action for sellers as well. The early optimism concerning COVID-19 virus treatment proved out to be short-lived after Gilead Sciences issued a note of caution against its antiviral drug Remdesivir.

Key Levels
Resistance Levels: 1.0231, 0.9902, 0.9797
Support Levels: 0.9600, 0.9440, 0.9181

USDCHF Long term Trend: Ranging

In the last hour, the USDCHF pair flipped almost 45 pips from daily swing highs around the range of 0.9724. The pair quietly dropped an early dip to the region of 0.9661 and stayed neutral amid consolidations for the third consecutive session due to the emergence of some fresh US dollar buying activity after the early session.

In the wider sense, a fall from level 1.0231 is seen as the third leg of the trend from level 1.0342. Having reached 0.9242 main support (low) level, it may have ended at 0.9181 level. Retesting 1.0231 high level may be seen as a continued increase. However, medium to long term range trading is probably to remain steady between 0.9181/1.0231 levels.

USDCHF Short term Trend: Ranging

Despite RSI remaining beyond 50 signal line for 4 hours, the intraday bias in USDCHF appears slightly on the upside for resistance level of 0.9797. The break there might continue the recovery from level 0.9500 for a 0.9902 high-level retest.

At the downside, the consolidation may be prolonged under 0.9533 level from level 0.9902 with yet another decline to level 0.9500. Comparatively, the downside would include a retraction of 61.8 percent from 0.9181 to 0.9902 at 0.9440 rebound levels.

Note: Learn2Trade.com 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 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.