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Forex Signal: USDCHF Price Faces Resistance at the 1.030 Level

USDCHF Price Analysis – 18th April

USDCHF has enjoyed a month of rising price action but now faces strong resistance. It may be time for a cool-off period, with a retrace back to 0.095 likely if resistance cannot be broken through in the long-term. While we are seeing some positive price movement, the average volume level cannot guarantee a continuation of the bullish movement upwards.

USD/CHF Market

Key Levels:

Support levels: 0.99, 0.97, 0.95

Resistance levels: 1.015, 1.017, 1.025

USDCHF short-term trend: Edging Bullish

As USDCHF is tackling the first 1.03 resistance, we may see some short-term positive price movement until the 1.015 resistance is touched. Previously USDCHF faced trouble breaking through the 1.025 resistance zone in November 2018 and March 2019 – but it has currently surpassed that level which brings short-term confidence. If you would like to play it safe, my Forex signal recommendation would be to set short/sell orders at the 1.015 level – it may prove risky to take a long position at this time due to the amount of resistance levels. In contrast, if the 1.0175 region was to be broken, a long position could be seen as profitable as the 1.025 level would be the next target.

USDCHF 4hr chart

USDCHF long-term trend: Bearish

USDCHF is approaching a very big resistance level at 1.015 which will be difficult to break through. While we may experience a short-term increase in price, the lack of volume indicates that the price may first retrace to the 0.99 diagonal support level – and possibly falling further. My Forex signal recommendation would be to scatter several short positions from the 1.035-1.05 level with a stop loss at 1.018. Remember, the higher the leverage you use, the more risk you are taking – so if you are a beginner keep to low leverage.

USDCHF 1d chart

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      Remember, all trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

      Chris Skordis is a politics graduate, trader and technical analyst. With a strong interest in blockchain, he has been trading cryptocurrencies and stocks for 4 years.