USDCHF Lands on a Bullish Confluence Zone

USDCHF Price Analysis – December 28

USDCHF lands at a bullish confluence point. After the price experiences rejection at 0.93770, it slumps directly to 0.91570, violating many significant levels in the process. Afterward, the market rose a little and started fluctuating around the 0.92190 price level. This continued for two weeks before the bears began overpowering the market. The result is that USDCHF then lands on a bullish confluence zone.

USDCHF Significant Levels

Resistance Levels: 0.93350, 0.92190
Support Levels: 0.91070, 0.91570

USDCHF Long Term Trend: Bullish

USDCHF is seen on a general plane gyrating up a trendline. This started at the beginning of the year as the market tries to recover from a serious dip that plunged the market to the 0.87730 support level. Since then, USDCHF has been making consecutive higher lows. The same cannot be said for the market’s highs, which vary greatly as a result of being beaten down several times by bearish forces.

In general, USDCHF remains in an uptrend and this is set to continue as the market lands on a bullish confluence zone, which comprises the uptrend line and the 0.91570 support level. The MA period 50 (Moving Average) is gradually rising, showing the bullish nature of the market. The Stochastic Oscillator has produced a golden cross from an oversold position to show an impending rise in the market.

USDCHF Short Term Trend: Bullish

On the 4-hour chart, as price lands on the bullish convergence zone, it produces a three-white-soldier candlestick formation, which is a reversal pattern. The Stochastic Oscillator, just like on the daily chart, has produced a golden cross upward from an oversold region. This shows a strong impending bullish move. However, the market has to first shake off the resistance from the MA period 50 and the 0.92190 price level.

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