An increase in the Bears’ momentum will decrease the USDCHF price which may break down the support level at $0.917, then, 0.909 levels may be reached and it may decline to $0.903 level. Should the bulls break up the resistance level of $0.922, then, $0.923 and $0.931 level may be tested.
USDCHF Market
Key Levels:
Resistance levels: $0.922 $0.923, $0.931
Support levels: $0.917, $0.909, $0.903
USDCHF Long-term trend: Bearish
USDCHF is bearish on the long-term outlook. The bulls were controlling the activities in the USDCHF market last week. The price increased to $0.923 resistance level. The bears opposed the bullish movement at the resistance level of $0.923. The currency pair is currently bearish, heading towards the support level of $0.917.
The currency pair is trading below the two EMAs. The 9 periods EMA is bending towards the 21 periods EMA which indicate that bears are in charge of the market. The Relative Strength Index period 14 is below 48 levels bending down to indicate sell signal. An increase in the Bears’ momentum will decrease the USDCHF price which may break down the support level at $0.917, then, 0.909 levels may be reached and it may decline to $0.903 level. Should the bulls break up the resistance level of $0.922, then, $0.923 and $0.931 level may be tested.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish in the medium-term outlook. The currency pair was ranging last week within the resistance level of $0.927 and $0.922. The scenario commenced when the bulls’ momentum could not break up the resistance level of $0.927. The currency pair continue to engage in a ranging movement within $0.922 and $0.927 until February 16. The bears gained more pressure and breaks down the $0.922 level.
The 9 period EMA is below the 21 periods EMA, USDCHF is trading below the two EMA. Meanwhile, the Relative Strength Index period 14 is at 41 levels with signal line pointing down indicating a sell signal.
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