USDCHF Price Awaiting a Breakout Above $0.88 Level

USDCHF Price may retest $0.88 Level

USDCHF Price Analysis – 16 March

USDCHF can cross the $0.89 resistance level and get close to the $0.91 barrier levels if the buying momentum can continue over the $0.88 resistance level. Sellers may be able to push the price past $0.86 and into the $0.85 and $0.84 regions if they apply sufficient pressure.

USDCHF Market

Key Levels:

Resistance levels: $0.88, $0.89, $0.91

Support levels: $0.86, $0.85, $0.84

USDCHF Long-term trend: Bullish

USDCHF daily chart is rising. A downward trend on the USDCHF market benefited sellers, though not by nearly as much as $0.84. Since October 24, sellers have been in charge of the USDCHF market. On December 28, the currency pair’s price fell as low as the $0.82 support level. A bullish engulfing candle pattern first appeared near the $0.83 support level, indicating the start of an uptrend. $0.86 was spent in total. It pulled back after testing the $0.88 resistance level. It is currently showing a retracement sign by heading swiftly toward the $0.86 level.

The stronger inclination for purchasing is indicated by the fact that the present USD/CHF exchange rate is higher than the Hull Suite. The forex signals QQE MOD, which is rising over the zero line, indicates rising prices. Price can cross the $0.89 resistance level and get close to the $0.91 barrier levels if the buying momentum can continue over the $0.88 resistance level. Sellers may be able to push the price past $0.86 and into the $0.85 and $0.84 regions if they apply sufficient pressure.

USDCHF Medium-term Trend: Bullish

USDCHF is showing bullish patterns in the medium-term timeframe. The currency pair started to rise on December 29 when a double bottom chart pattern emerged near the $0.83 support level. The price increased on January 2 and then leveled off at $0.86. It has no trouble increasing above $0.86. The price is currently retracing towards the $0.86 support level, which is a sign of a bearish trend.

A bullish market is indicated by the currency pair’s trading above the Hull Suite signal. If the QQE MOD is more than zero, buying is advised.

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