USDCHF Trades Lower Beneath 0.9500 After Posting Major Reversal Bias

USDCHF Trades Lower Beneath 0.9500 After Posting Major Reversal Bias

USDCHF Price Analysis – June 30

Although the USDCHF gained more than 30 pips in the prior session on broad-based USD strength and the bullish market mood. It has lost its momentum, however, and returned to trade beneath the level of 0.9500, where it was down 0.35% on the day. As attention turns to Powell’s statement, the US Dollar Index is up 0.12 percent, holding the selling bias intact.

Key Levels
Resistance Levels: 1.0027, 0.9766, 0.9550
Support Levels: 0.9440, 0.9370, 0.9181
USDCHF Long term Trend: Ranging
Within the wider context, the decrease from level 1.0231 is perceived as the third step of the trend from level 1.0342. Having reached 0.9242 main support (low) level, it should have finished at 0.9181 level.

The breach of level 0.9902 may expand the recovery from level 0.9181 to resistance level 1.0027. After all, medium to long-term trade in ranges is inclined to maintain for some longer between 0.9181/1.0231 levels.
USDCHF Short term Trend: Ranging
For the moment, the intraday bias in USDCHF is still neutral. Lower than 0.9440 minor support level on the downside may bring 0.9370 low-level retests. The break may restart the entire decline from 0.9902 and aim 100 percent projection from 0.9902 to 0.9500 at 0.9242 levels.

On the positive, a steady breach of 0.9550 level will instead restart the recovery from level 0.9370. In this scenario, it might look to yet another rally (now at 0.9600 level).

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