USDCHF Breaks Below Its near Term Support Zone on the Level at 0.9926 but Recovers Abruptly

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USDCHF Price Analysis – October 8
The FX pair breaks below the horizontal zone on the level at 0.9926 but reverses again after recovering from its early selling pressure. The USDCHF was able to find buyers again around the level at 0.9908.

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Key Levels

Resistance Levels: 1.0231, 1.0126, 1.0015

Support Levels: 0.9897, 0.9870, 0.9843

USDCHF Long term Trend: Ranging
The price of the pair has moved back towards the moving average of 5 and 13 areas on the level at 0.9950. This area requires to be broken to give buyers more upside potential to move higher.

However, the decisive break of the level at 1.0231 is required to indicate bullish resumption. Meanwhile, the medium and longer-term may remain neutral first.

USDCHF Short term Trend: Bearish
After trending downwards to about 50 pips lower after the open, the forex pair managed to reverse during the session as bulls took control and may exit the day above its opening price.

The USDCHF’s pull back from the level at 1.0015 extends lower today but stays well above the lower horizontal zone on the level at 0.9843 support. While still in a long-term uptrend, the short trends have turned bearish already.

Source: https://learn2.trade

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