USDCHF Stage a Modest Rebound Past 0.9650 Level After Plunging to 2-Month Low

USDCHF Price Analysis – June 5

The USDCHF pair rapidly reversed a recent dip of more than two-month lows and in the last hour recovered upward past 0.9650 marks. The pair was last seen trading close to the high of its daily trading range, around the region of 0.9637-0.9650, and has now regained a part of the losses of the day before.

Key levels
Resistance Levels: 1.0231, 1.0027, 0.9766
Support Levels: 0.9550, 0.9440, 0.9181

USDCHF Long term Trend: Ranging
In the wider context, the fall from level 1.0231 is seen as the third stage of the trend from level 1.0342. It could have finished at level 0.9181 after reaching key support level 0.9242 (low).

A 0.9902-level breach may stretch the 0.9181 level rebound phase into a 1.0027 resistance level. After all, medium to long term trade in ranges is inclined to maintain for some longer between 0.9181/1.02371 levels.

USDCHF Short term Trend: Bearish
In the early US session, USDCHF rebounded rapidly, targeting again on 0.9650 minor resistance levels. A break may suggest that a corrective trend could have been finalized from 0.9902 level. Intraday bias may then be turned back to the resistance level at 0.9766.

On the contrary, a 0.9550 level breach may stretch the correction to it and beneath 0.9500 support level. Though, we may anticipate strong support to hold rebound from a 61.8 percent retraction of 0.9181 to 0.9902 at 0.9440 levels.

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