USDCHF Sustains Weaker Footing Above Mid 0.8900, After a Two-Day Rally

15 June 2021 | Updated: 15 June 2021

USDCHF Price Analysis – June 15

In lackluster trading during Tuesday’s European session, the USDCHF eases to 0.8965 low, down 0.10 percent intraday. The US Dollar Index (DXY), which measures the greenback, adds to the minor losses witnessed, as USDCHF slides back to the mid-0.8900 range on Tuesday, reflecting the sluggish market action.

Key Levels
Resistance Levels: 0.9129, 0.9053, 0.9000
Support Level: 0.8950, 0.8887, 0.8757
USDCHF Long term Trend: Ranging
The USDCHF was hit by fresh selling at the start of the day at 0.9002, and it proceeded to fall due to broad-based USD weakening on risk sentiment. With no sign of recovery, the price fell to an intraday low of 0.8965. Likewise, the fall from 0.9472 is considered as the third phase of the trend from 1.0027 in the larger context (high).

That is, the greater downtrend from 1.0027 may still be ongoing. The pair is now significantly below the sliding moving average 5 and 13, confirming medium-term bearishness. If the 0.8950 low is broken, the 61.8 percent estimate of 1.0237 to 0.8757 from 0.9471 at 0.8757 will be the next target.
USDCHF Short term Trend: Bearish
The USDCHF fell to a low of 0.8965. The current intraday bias is still bearish. In the event of a second recovery, the upside of the USDCHF could be limited by the 0.9000 support turned resistance level, signaling the start of a new downturn.

On the downside, a persistent break of the 0.8950 level might lead to the 61.8 percent estimate of 0.9902 to 0.9000 levels from 0.9200 to 0.8930 levels. Marginal weakness is expected as long as the 0.9000 level persists, but the 0.8950 level is likely to stay. Only over the 0.9000 level is there a chance of again towards the 0.9053 level.

Note: Learn2.Trade 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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Azeez Mustapha

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.