USDCHF Price: A Bearish Engulfing Candle Pattern Emerges

Bears are dominating market

USDCHF Price Analysis – 14 November

The price may rise above $0.80 and get closer to the $0.81 hedging scenario if the buying impulse can hold above the $0.79 resistance position. If merchandisers put forth enough effort to lower the price from $0.77 to $0.76, they can still lower it to $0.75.

Key Levels:

Resistance levels: $0.79, $0.80, $0.81

Support levels: $0.77, $0.76, $0.75

USDCHF Long-term trend: Bearish

For the last three days, the USDCHF map has been moving downward. Since the price was established at $0.79 last week, consumers have been able to meet the massive demand for USDCHF. Since February 25, merchandisers have controlled the USDCHF market. A few days ago, the two currencies were worth $0.79. At the first recommended position, a bearish engulfing candle pattern was shown, and the price declined to $0.77. In addition, the price started to decrease again. The bearish harami candle pattern was observed to have emerged near the first anticipated support level. The current target price is $0.76 due to its remarkable reversal.

There is a negative impulse because the USDCHF exchange rate is currently lower than the Hull Suite. The forex signal QQE MOD, located below the zero line, indicates a price decrease. The price may rise above $0.80 and get closer to the $0.81 hedging scenario if the buying impulse can hold above the $0.79 resistance position. If merchandisers put forth enough effort to lower the price from $0.77 to $0.76, they can still lower it to $0.75.

USDCHF Medium-term Trend: Bearish

The USDCHF’s medium-term prospects are getting lower. A few days prior, the double topchart pattern at the $0.79 hedging position put negative pressure on the currency brace. On October 13, at $0.79, the price successfully attempted to break above the inner bar candle pattern. The cost started to decrease as one headed south. The market will fall below the previously anticipated barrier of $0.77 if bears are able to reach the aim of $0.77. Now, the bears are in control.

A bear market is in full swing when the currency brace crosses the Hull Suite signal downside. If the QQE MOD is lower than zero, any selling offer is accepted.

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