USDCHF Trades Inside Triangle Range Gaining Traction for a Breakout Towards 0.9800 Level

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Through the early European session, the USDCHF pair exchanged with a slight positive bias, though missing any significant follow-through buying and staying constrained beneath weekly highs. Though the level of 0.9800 remains in reach as USDCHF trades inside the triangle gaining momentum for a probable breakout.

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USDCHF Price Analysis – May 16

Key Levels
Resistance Levels: 1.0231, 1.0027, 0.9766
Support Levels: 0.9669, 0.9440, 0.9181

USDCHF Long term Trend: Ranging
The pair have repeatedly faced opposition from a technical viewpoint, near the triangle’s very critical upside trendline. The price swings also, additionally, seen able to offer solid dip-buying that supports the potential for further gains. Waiting for a steady push beyond the 0.9800 marks would be prudent as well to validate the bullish bias.

The Swissy was last seen trading near the region of 0.9738 as market participants now look to the required momentum for a drive to level 0.9800. If sellers regain control and move underneath the moving average of 5 and 13, immediate support may emerge from the ascending trendline around 0.9700 level and the low-level horizontal support of 0.9669.

USDCHF Short term Trend: Ranging
USDCHF trade sideways whilst testing the 0.9766 resistance level on the pathway. The view is consolidated with the market being somewhat bumpy at present indicating little or no directional bias.

That being said, a daily closing beyond the resistance level of 0.9766 could encourage more buying and a 0.9800 level retest while a daily closing underneath the level of 0.9700 may be seen as bearish. On the contrary, a test at 0.9902 high level would seek a breach of 0.9800 level.

Source: https://learn2.trade

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