USDCHF Price: Bears Are Opposing Bulls’ Pressure

Bearish trend persists  in USDCHF market

USDCHF Price Analysis – 13 February

The price may drop below $0.75 and get closer to the $0.74 hedging scenario if selling pressure can persist below the $0.76 support level. The price may increase significantly to $0.79 if traders push it from $0.77 to $0.78.

 Key Levels:

Resistance levels: $0.77, $0.78, $0.79

Support levels: $0.76, $0.75, $0.74

USDCHF Long-term trend: Bearish

The last five days have seen a decline on the USDCHF chart. There has been strong demand for USDCHF ever since its price was at $0.80 two months ago. The USDCHF market has been impacted by traders since December. The exchange rate was $0.79 a few days ago. A bearish engulfing candle pattern emerged at the first recommended entry point, and the price dropped to $0.77. Near the first expected barrier level, a bearish harami candle pattern was also seen, and the price has been declining ever since. The chart’s significant turnaround has led to the current target price of $0.76.

The USDCHF exchange rate is presently below the Hull Suite, indicating strong momentum.
A negative trend is indicated by the forex signal QQE MOD, which is below the zero line. The price may drop below $0.75 and get closer to the $0.74 hedging scenario if selling pressure can persist below the $0.76 support level. The price may increase significantly to $0.79 if traders push it from $0.77 to $0.78.

USDCHF Medium-term Trend: Bearish

The USDCHF has a dismal medium-term outlook. The twin top chart pattern put bearish pressure near the $0.80 hedging level a few days ago. The trend declined as the price attempted to break above the inner bar candle pattern on January 16 at $0.80. Given that the price has been declining, if bulls are successful in breaking the $0.77 barrier, the market may begin a bullish trend the next week. Bulls are getting stronger.

A bullish trend is confirmed when the currency pair is above the Hull Suite signal. Any purchasing pressure is taken into consideration if the QQE MOD is greater than zero.

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