USDCHF Seeks Further Gains, Maintains Upside Position Near 0.9200

USDCHF Seeks Further Gains, Maintains Upside Position Near 0.9200

USDCHF Price Analysis – June 22

During European trading hours on Tuesday, the USDCHF pair is slightly higher from yesterday’s close at 0.9179 level. The pair has been rising rapidly into the 0.9200’s for the third day in a row. Ahead of FOMC Chairman Powell’s testimony, the US Dollar Index reclaims 92.00.

Key Levels
Resistance Levels: 0.9472, 0.9375, 0.9239
Support Levels: 0.9175, 0.9080, 0.8950
USDCHF Long term Trend: Ranging
With a rise towards the 0.9200 marks during the session, the USDCHF is trading higher. This has resulted in the formation of a bullish continuation pattern, which should finally aim for the 0.9300 level. The RSI is currently pointing upward, and previous support at the 0.9239 regions will act as resistance.

Any drop towards the 0.9160 level should provide solid support. Meanwhile, following the early bounce for additional advance, the overall daily trend remains in consolidation. A robust breach of the 0.9239 resistance level would signal a bullish continuation and call attention to the crucial 0.9304 resistance level, which would be tested.
USDCHF Short term Trend: Bullish
On the 4-hour chart, the current trend in the USDCHF intraday bias has shifted towards the northside. A steady advance is favored until minor resistance of 0.9239 is broken. A decisive break of the 0.9175 level, on the other hand, might restart a bigger downtrend.

A break above minor support at 0.9239, on the other hand, might take the bias back up towards the 0.9239/9304 resistance zone. To imply short-term bottoming, a violation of 0.9239 near-term resistance is necessary on the upside. Despite the improvement, the near-term trajectory remains mixed.

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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.