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Bearish momentum increases in USDCHF market
USDCHF Price Analysis – 05 January
USDCHF movement beyond the $0.86 resistance level and toward the $0.87 barrier levels is possible if the purchasing momentum can sustain itself above the $0.85 resistance level. Sellers may be able to push the price past $0.83 and into the $0.82 and $0.81 regions if they exert sufficient pressure.
USDCHF Market
Key Levels:
Resistance levels: $0.85, $0.86, $0.87
Support levels: $0.83, $0.82, $0.81
USDCHF Long-term trend: Bearish
USDCHF daily chart is trending downward. Sellers were in control of the declining USDCHF market. Not quite as much as $0.89, though. Since October 24, sellers have been in charge of the USDCHF market. The currency pair’s price surged over the $0.90 support level. A bearish engulfing candle pattern first appeared on November 14, close to the $0.90 resistance level, indicating the start of a drop. After a while, the price found support at $0.83, and it is currently pulling back.
It seems that sellers’ momentum are getting weaker because the USD/CHF exchange rate is presently below the Hull Suite indicator. A bearish market is indicated by the QQE MOD indicator which is below zero level. Price movement beyond the $0.86 resistance level and toward the $0.87 barrier levels is possible if the purchasing momentum can sustain itself above the $0.85 resistance level. Sellers may be able to push the price past $0.83 and into the $0.82 and $0.81 regions if they exert sufficient pressure.
USDCHF Medium-term Trend: Bullish
The USDCHF is trending higher over the medium term. When a double bottom chart pattern appeared on 29 December, close to the $0.83 support level, the currency pair began to incline. The price rise on 02 January before leveling off at $0.85. The price is currently retracing as gravestone Doji appeared at $0.85.
A bullish market is indicated by the currency pair’s trading above the Hull Suite indicator. When the QQE MOD is above zero level selling is advisable.
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