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A bullish breakout envisaged at $0.88 level
USDCHF Price Analysis – 11 August
In case buyers’ momentum is successful in holding the $0.87 support level, the price may increase past the $0.88 resistance level and toward the $0.89 and $0.90 resistance levels. If sellers apply enough pressure, the $0.87 barrier level can be breached, allowing the price to fall even deeper 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. The USDCHF market has been dominated by sellers during the last month. The price breached the last support level of $0.87. It continued to deteriorate for a few days. Due to increased sellers’ pressure on July 13, the price twice tested the $0.85 mark. A bullish movement was triggered when a double-bottom chart pattern formed. Last two weeks, the resistance level of $0.86 was penetrated. USDCHF is struggling to break up $0.88 resistance level.
The fact that the price of the USD/CHF is currently rising above the 9- and 21-period EMAs indicates that buyers’ momentum is accelerating. The Relative Strength Index period 14 at 51 levels indicates a bullish market. If buyers’ momentum is successful in holding the $0.87 support level, the price may increase past the $0.88 resistance level and toward the $0.89 and $0.90 resistance levels. If sellers apply enough pressure, the $0.87 barrier level can be breached, allowing the price to fall even deeper into the $0.86 and $0.85 levels.
USDCHF Medium-term Trend: Ranging
USDCHF is on a ranging movement in the medium-term outlook. The currency pair has been fluctuating between $0.88 and $0.87 levels for the last three weeks. The resistance level of $0.88 has not been broken because buying momentum is weak. The price could not fall below $0.87 level just because of the sellers’ low momentum. USDCHF is awaiting a breakout.
The currency pair is trading around the 9-period EMA and the 21-period EMA as a sign of ranging market. The Relative Strength Index period 14 is at 53 with its signal line pointing up to indicate buy.
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