USDCHF Price: A Breakout Above $0.85 Resistance Level Envisaged

Bulls are gathering momentum

USDCHF Price Analysis – 04 October

If the buying momentum can sustain over the $0.85 resistance level, USDCHF can move above $0.86 and approach the $0.87 barrier levels. If sellers exert enough pressure, they can drive the price past $0.84 and into the $0.83 and $0.82 zones.

Key Levels:

Resistance levels: $0.85, $0.86, $0.87

Support levels: $0.84, $0.83, $0.82

USDCHF Long-term trend: Bullish

The USDCHF daily chart is trending upward. Last month, customers benefited from a bearish USDCHF market, but not by nearly as much as $0.87. The USDCHF market was under sellers control from May 1 to September 26. The price of the currency pair was almost precisely $0.83 a few weeks ago. Near the first suggested level, a bullish engulfing candle pattern was observed. Instantly, the price jumped to $0.84, signifying a significant gain. Two tests of the previously determined support level signaled the beginning of the bullish trend. It’s currently approaching $0.85 level.

The USDCHF exchange rate, which is currently higher than the Hull Suite, indicates a positive reversal impulse. Price increases are indicated by the forex signal QQE MOD, which is skewed above the zero line. If the buying momentum can sustain over the $0.85 resistance level, the price can move above $0.86 and approach the $0.87 barrier levels. If sellers exert enough pressure, they can drive the price past $0.84 and into the $0.83 and $0.82 zones.

USDCHF Medium-term Trend: Bearish

It becomes clear that the USDCHF is inclining over the medium run. A few days ago, the currency pair declined as a result of a bearish engulfing candle formation close to the $0.90 resistance level. On August 15, there was another unsuccessful attempt by the price to cross below the $0.83 barrier. As of right moment, the cost is about precisely $0.85.

The currency pair’s trading above the Hull Suite signal indicates a bullish market. If the QQE MOD is higher than zero, it is recommended to offer for buy.

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