USDCHF Steadily Rising on the Back of Risk-On Mood, Firmer Greenback

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USDCHF Price Analysis – August 10

During the early European session, the USDCHF pair remained bid and was last seen hanging near two-week highs, around 0.9170 – 0.9220 levels. The pair’s upward trajectory is fueled by the greenback’s rise. With 0.08 percent gains, the USDCHF held over 0.9200 levels.

Key Levels
Resistance Levels: 0.9472, 0.9375, 0.9275
Support Levels: 0.9150, 0.9050, 0.8950
USDCHF Long term Trend: Ranging
USDCHF is currently testing the 0.9220 resistance zone after rallying past the 5 and 13 moving averages. A break over the 0.9220 level could lead to a test of the level of 0.9240. Even a closure near present levels could exacerbate a bullish trend shortly. If the price falls below 0.9200, the bullish pressure will ease, revealing the next support level at 0.9170.

During the current trading session, bullish traders could aim for the resistance level of 0.9275. While the momentum remains strong, a retreat to the 0.9150 lift-off zone is likely, but only in modest rallies. The recent breakout of the 0.9200 level confirms that buyers have reclaimed control, and the price could be headed for 0.9304 and beyond.
USDCHF Short term Trend: Bullish
The intraday bias in USDCHF remains bullish for a rise beyond the 0.9200 resistance turned support zone. The downside could be contained well above the 0.9170 support level, allowing the positive rebound to continue. With a bullish moving average of 5 and 13, the recent rally will aim for the 0.9240 levels.

As the rebound from 0.9050 continues, the attention is now on the 0.9275 resistance level. A firm break there will signal the start of the third cycle of the corrective pattern from 0.8998. The positive momentum of the short-term oscillators is improving at the present. The RSI is attempting to sustain a bullish trend toward 80.

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