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USDCHF Price Analysis – July 14
During the early European session, the USDCHF pair bounced over 30 pips from daily swing lows and renewed daily highs, around the 0.9424 marks, before posting lower to 0.9389 level. The perceived safe-haven Swiss franc was weakened by the prevalent risk-on mood and was considered one of the key factors giving some backing to the USDCHF pair.
Key Levels
Resistance Levels: 1.0027, 0.9724, 0.9440
Support Levels: 0.9370, 0.9242, 0.9181
USDCHF Long term Trend: Ranging
Early in the week, USDCHF tried to break up again, with the market prodding beyond the pivotal low level of June 0.9370 in early trading today. A closing beneath this level may validate a significant breakout range with the next main support at 0.9242 level.
Within the wider context, the decrease from level 1.0231 is perceived as the third phase of the trend from level 1.0342. Eventually reaching 0.9242 main support (low) level, it should have concluded at 0.9181 level. And besides, 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
Intraday bias in USDCHF remains first neutral and thus more consolidating trading can be seen beyond a temporary low level of 0.9370. But as long as the resistance level of 0.9440 holds, further decline is still anticipated.
On the drawback, a breach of 0.9370 may reach a prediction of 100 percent from 0.9902 to 0.9500 at 0.9724 levels. The continuous breach there may open the path for low-level retests of 0.9181. Strong breach of 0.9440 level, nevertheless, instead will switch bias back to the upside at 0.9550 resistance 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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