USDCHF Trades in a Range-Bound Mode Despite Safe-Haven Demand

USDCHF Price Analysis – February 18

The USDCHF pair swiftly regained some 15-20 pips from the lows of the early European session to the American session and is currently in neutral region, slightly past 0.9800 level.

Key Levels
Resistance Levels: 1.0231, 1.0027, 0.9841
Support Levels: 0.9800, 0.9743, 0.9613

USDCHF Long term Trend: Ranging

In a broader trend, the general direction stays neutral, since the USDCHF is in a range trading which began from 1.0342 (high). The decline from the level of 1.0231 is part of the model and may approach 0.9600 (low).

In case of further progress, a breakthrough in the level of 1.0231 is necessary to indicate the resumption of an uptrend. Contrarily, further trading by the range may be registered with the risk of another plunge.

USDCHF Short term Trend: Bullish

After a short retreat, USDCHF growth from 0.9613 level resumed, and the intraday bias returned to the upper zone. Initially, attention is paid to the retracement from 1.0231 to 0.9613 at 0.9851 levels. A decisive breakout there may add to the bullish short-term reversal and target pullback of the pair at the next 0.9999 levels.

Regardless, a deviation to the level of 0.9841 may indicate that the plunge from the level of 1.0231 is not completed. Breakout of the support level of 0.9743 may lead to repeated testing of the low level of 0.9613.

Instrument: USDCHF
Order: Buy
Entry price: 0.9800
Stop: 0.9766
Target: 0.9845

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