USDCHF Price: Bearish Movement May not Continue as $0.95 Level Holds

USDCHF Price Analysis – June 03

In case the bulls break up the resistance level of $0.95, price will increase towards $0.97, and $0.98 levels. When the support level of $0.95 does not hold, bearish momentum may increase, USDCHF price may penetrate the just mentioned level, 0.95 levels may be reached and it may decline to $0.94 and $0.93 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.96, $0.97, $0.98

Support levels: $0.95, $0.94, $0.93

USDCHF Long-term trend: Bearish

USDCHF is bearish on the long-term outlook. There was no significant movement in the GBPUSD market last week. The support level of $0.95 was tested and the price holds. The bears’ pressure is weak and could not break down the just mentioned level. The resistance level of $0.96 is defended by the bears. The scenario above is what led to the price ranging within the $0.96 and $0.95 levels.

USDCHF is trading below the two EMAs at close range and the 9 periods EMA is below the 21 periods EMA. However, the Relative Strength Index period 14 is at 46 levels bending up to indicate bullish market direction. In case the bulls break up the resistance level of $0.95, price will increase towards $0.97, and $0.98 levels. When the support level of $0.95 does not hold, bearish momentum may increase, USDCHF price may penetrate the just mentioned level, 0.95 levels may be reached and it may decline to $0.94 and $0.93 levels.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. Bearish movement may not continue as the support level of $0.95 holds. The price is reversing at the moment. When Buyers gain momentum, the resistance level of $0.96 may be penetrated. The resistance level of $0.97 and $0.98 may be broken upside. The price is increasing towards the resistance level of $0.96.

The 9 period EMA is below the 21 periods EMA, USDCHF is trading above the two EMAs as the price is increasing. The Relative Strength Index period 14 is at 56 levels with signal line showing bullish direction.