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During the European session, the USDCHF brings the buyers’ interest to the test, with the possibility of a recovery from the downside pressure to crack the sellers’ grasp. As technicals reveal a dominant selling side, buyers smashed through the barrier at 0.9150. The dollar is being boosted by expectations of stronger economic growth in the United States.
USDCHF Price Analysis – May 5
Key Levels
Resistance Levels: 0.9472, 0.9300, 0.9160
Support Levels: 0.9080, 0.9045, 0.8998
USDCHF Long term Trend: Ranging
The US dollar remains bullish against the Swiss franc at the beginning of the week, as the pair’s intra-day correction finds buyers at 0.9110 level, up from 0.9104. In a broader sense, the drop from 0.9472 medium-term high is considered the 2nd pattern period since the plunge from a recent high of 0.9901.
For the time being, there is no sign that the range will be completed. In continuation, the next goal will be a 138.2 percent projection from 0.9901 to 0.8757 from 0.9472 at 0.9080 levels. A successful break of the 0.9200 resistance level, however, will be an early sign of trend reversal and a change of focus back to the 0.9300 key resistance level for confirmation.
USDCHF Short term Trend: Bearish
The short-term risk in the USDCHF market appears to be seeking to retain its downside in the 4-hour time frame, in addition, trend signals remain mixed for now, indicating that any price strength may be transitory.
Overall, the outlook for USDCHF remains unchanged, and the intraday bias is initially neutral. The trading range starting at 0.9472 is widening. In the event of a steeper fall, the 38.2 percent retracement of 0.9080 to 0.9160 levels at 0.9127 could absorb the downside step and usher in a stronger recovery.
Source: https://learn2.trade
