USDCHF is stuck in a small range
Although USDCHF is seen trading below a short-term downside resistance line drawn from the high of March 8th, from around mid-June the rate has been moving sideways within a range. That range is roughly between the 0.8907 and 0.9000 levels. The overall trend is still to the downside, however, in order to consider the next short-term directional move, we would prefer to wait for a violation of one of the sides of the above discussed range.
A drop below the 0.8907 territory may open the door towards lower areas. More bears may enter the field and that’s when we will target the lowest point of May, at 0.8820.
Alternatively, a break of the upper side of the previously mentioned range may invite more buyers into the game, as such a move may also lead to a violation of the aforementioned downside line. This could signal a change in the current trend, potentially sending USDCHF towards the 0.9100 zone, or slightly above.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
A drop below the 0.8907 territory may open the door towards lower areas. More bears may enter the field and that’s when we will target the lowest point of May, at 0.8820.
Alternatively, a break of the upper side of the previously mentioned range may invite more buyers into the game, as such a move may also lead to a violation of the aforementioned downside line. This could signal a change in the current trend, potentially sending USDCHF towards the 0.9100 zone, or slightly above.
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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