Bulls may dominate USDCHF market soon
USDCHF Price Analysis –16 December
In case the buyers exert more pressure and defend the support level of $0.92, USDCHF will break up the $0.93 level, increasing toward the resistance levels of $0.94, and $0.95. In case the sellers exert more pressure, the support level of $0.92 may be penetrated downside, and bearish momentum may continue toward $0.91 and $0.90 levels.
USDCHF Market
Key Levels:
Resistance levels: $0.93, $0.94, $0.95
Support levels: $0.92, $0.91, $0.90
USDCHF Long-term trend: Bearish
USDCHF is bearish on the long-term outlook. Last week, the bearish movement continues in the daily time frame. The pressure of the sellers increased and the support level of $0.93 penetrated the downside, the price declined and tested the support level of $0.92 on 14 December. The following day, the buyers gained more power to push up the price and the resistance level of $0.93 is being tested at the moment.
USDCHF is trading below the two EMAs at close contact and the 9-periods EMA is below the 21-period EMA. The Relative Strength Index period 14 is at 38 levels bending up to indicate a bullish market direction. In case the buyers exert more pressure and defend the support level of $0.92, the Price will break up the $0.93 level, increasing toward the resistance levels of $0.94, and $0.95. In case the sellers exert more pressure, the support level of $0.92 may be penetrated downside, and bearish momentum may continue toward $0.91 and $0.90 levels.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish in the medium-term outlook. The bears pushed the price to the high potential reversal level of $0.92 support level. It seems the bears’ momentum is becoming weak and the bulls’ pressure is gradually increasing. At the moment, the price is testing the resistance level of $0.93 level.
The 9-period EMA is currently above the 21-period EMA. USDCHF is trading above the two EMAs as the bullish movement signal. The Relative Strength Index period 14 is at 55 levels with a signal line showing a bullish direction.
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