USDCHF Price: Bears Return, Price Declination Envisaged

USDCHF Price Analysis – July 22

When the support level of $0.95 holds, bullish momentum may increase, USDCHF price may bounce off the level, then, 0.96 levels may be reached and it may incline to $0.97 and $0.98 level.  Should the bears break down the support level of $0.96, the price may decrease towards $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. The resistance level of $1.0 was tested on June 15 by the pressure of bulls. The just mentioned level holds and price could not break it up. A bearish engulfing candle formed and the price obey the command. Strong bearish daily candles formed and the price decreases to $0.95 support level. The price bounced up and retested the resistance level of $0.98. Last week, bears return in to the market and heading to previous low at $0.95.

USDCHF is trading below the two EMAs and the 9 periods EMA is bending towards the 21 periods EMA. The Relative Strength Index period 14 is at 47 levels bending down to indicate bearish market direction. When the support level of $0.95 holds, bullish momentum may increase, USDCHF price may bounce off the level, then, 0.96 levels may be reached and it may incline to $0.97 and $0.98 level.  Should the bears break down the support level of $0.96, the price may decrease towards $0.94, and $0.93 levels.

USDCHF Medium-term Trend: Bearish

USDCHF is bearish in the medium-term outlook. Buyers lose momentum at the resistance level of $1.00. The price reverses and break down former support levels of $0.97 and $0.96. Sellers are currently dominating the USDCHF market. Pullback may be expected in any trending market. Further price reduction is expected.

The 9 period EMA has crossed the 21 periods EMA downside. USDCHF is trading below the two EMAs as the price is decreasing. The Relative Strength Index period 14 is at 42 levels with signal line showing bearish direction.