Sellers’ momentum is increasing in USDCHF market
USDCHF Price Analysis – 17 June
In case sellers exert enough pressure, the $0.88 barrier level might be broken, and the downward momentum might carry on to the $0.87 and $0.86 levels. The price may go past the $0.89 resistance level and toward the $0.90 and $0.91 resistance levels if buyers successfully hold the $0.88 support level.
USDCHF Market
Key Levels:
Resistance levels: $0.89, $0.90, $0.91
Support levels: $0.88, $0.87, $0.86
USDCHF Long-term trend: Bearish
USDCHF is bearish in a daily chart. The USDCHF market was controlled by purchasers for the past two weeks. The price breached the $0.89 resistance level. For a few days, it moved in all directions. The bullish engulfing candle that appeared on May 11 caused the price to rise and test the $0.91 resistance level. As buyers and sellers fought for control of the previous level on May 19, the price once more retraced to $0.89. It tested the $0.88 support level last week and is now retreating.
The USD/CHF price is currently barely below the two EMAs, and the 9-period EMA has crossed the 21-period EMAs downside. The Relative Strength Index period 14 at 40 levels indicates a bearish market. In case sellers exert enough pressure, the $0.88 barrier level might be broken, and the downward momentum might carry on to the $0.87 and $0.86 levels. The price may go past the $0.89 resistance level and toward the $0.90 and $0.91 resistance levels if buyers successfully hold the $0.88 support level.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish in the medium-term outlook. The double Top chart pattern was established near the $0.88 support level a few weeks ago. This indicates a bearish market. During the previous two weeks, a range of the currency pair trend was established by a resistance level $0.89 and a support level $0.88. The price was declining and approaching closer to the $0.89 support level as a result of the sellers’ efforts. After the recent pullback, the price may continue to fall.
It is possible to notice the downward crossover of the 9-period EMA and the 21-period EMA. A market indicator that may represent a retreat and is pessimistic. At the moment, the USDCHF is trading below the two exponential moving averages.
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