USDCHF Price May Rebound at $0.939 Support Level

Updated:

Bears’ pressure may increase in USDCHF market

USDCHF Price Analysis – August 12

In case the Bears’ momentum increase, USDCHF price may break down the support level at $0.939, then, 0.931 levels may be reached and it may decline to $0.927 level. Should the bears lose momentum at the support level of $0.939, bulls may return to the market and the price may increase towards $0.947, $0.953 and $0.969 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.947, $0.953, $0.969

Support levels: $0.939, $0.931, $0.927

 

USDCHF Long-term trend: Bearish

USDCHF is bearish on the long-term outlook. Two weeks ago, the currency pair was under the control of the buyers when it pulled back. The currency pair retested $0.939 level. A bearish engulfing candle formed at the just mentioned level which is an indication of bearish reversal. The currency pair decline and the former support levels of $0.935 and $0.947 turns to resistance level. At the moment, the price is trying to penetrate the support level of $0.939.

USDCHF is trading below the two EMAs at close contact. The 9 periods EMA is below the 21 periods EMA. The Relative Strength Index period 14 is at 36 levels bending down to indicate bearish market direction. In case the Bears’ momentum increase, USDCHF price may break down the support level at $0.939, then, 0.931 levels may be reached and it may decline to $0.927 level. Should the bears lose momentum at the support level of $0.939, bulls may return to the market and the price may increase towards $0.947, $0.953 and $0.969 levels.

 USDCHF Medium-term Trend: Bearish

USDCHF is bearish in the medium-term outlook. Last week, the price pulled back and increased to the resistance level of $0.969 and could not break up the level. The price started making a lower lows and lower highs as a sign of downtrend. Yesterday, the price broke down the support level of $0.947 and the price is testing the support level of $0.939.

The 9 periods EMA has crossed the 21 periods EMA downside as a sign of bearish market. USDCHF is trading between the two EMAs. Meanwhile, the Relative Strength Index period 14 is at 39 levels with signal line pointing up to indicate buy signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.