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Buyers are in control of USDCHF market
USDCHF Price Analysis – 18 August
USDCHF may rise past the $0.88 resistance level and toward the $0.89 and $0.90 resistance levels if buyers’ momentum is effective in holding the $0.87 support level. The $0.87 barrier level can be broken if sellers exert enough pressure, leading the price to drop much lower into the $0.86 and $0.85 levels.
USDCHF Market
Key Levels:
Resistance levels: $0.88, $0.89, $0.90
Support levels: $0.87, $0.86, $0.85
USDCHF Long-term trend: Bullish
USDCHF is bullish on the daily chart. Over the past month, sellers dominated the USDCHF market. The previous support level of $0.87 was broken by the price. On July 13, the price was subjected to further seller pressure, and it twice tested the $0.85 level. A double-bottom chart pattern appeared, which led to a bullish movement. The $0.86 resistance level was broken over the previous two weeks. USDCHF is having trouble getting above the $0.88 barrier.
The USD/CHF price is currently rising above the 9- and 21-period EMAs, which shows that buyers’ momentum is gaining strength. A bullish market is indicated by the Relative Strength Index period 14 at 57 levels. The price may rise past the $0.88 resistance level and toward the $0.89 and $0.90 resistance levels if buyers’ momentum is effective in holding the $0.87 support level. The $0.87 barrier level can be broken if sellers exert enough pressure, leading the price to drop much lower into the $0.86 and $0.85 levels.
USDCHF Medium-term Trend: Bullish
USDCHF is on a bullish movement in the medium-term outlook. The double bottom chart pattern formed at the support level of $0.85 triggered a bullish movement. The market produces bullish candles. The former resistance level of $0.87 currency pair has turned to a support level. The resistance level of $0.88 has been broken upside. The price could rise above $0.88 level.
The currency pair is trading above the 9-period EMA and the 21-period EMA as a sign of bullish market. The Relative Strength Index period 14 is at 56 with its signal line pointing up to indicate buy.
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