USDCHF Price Bounces Off $0.90 Resistance Level

Commencement of bearish trend in USDCHF market

USDCHF Price Analysis – 07 March

If the purchasing momentum can sustain over the $0.88 resistance position, the price can rise above $0.89 and approach the $0.90 hedge levels. Merchandisers can, however, cut the price below $0.87 if consumers work hard enough to move it from the $0.86 to the $0.85 area.

Key Levels:

Resistance levels: $0.88, $0.89, $0.90

Support levels: $0.87, $0.86, $0.85

USDCHF Long-term trend: Bearish

The USDCHF chart has been trending downward over the past week. Clients have profited from the strong USDCHF market since the price first appeared at $0.88 three weeks ago. As of February 25, the USDCHF market was dominated by sellers. The two currencies were worth $0.89 a few days ago. A bearish engulfing candle pattern was observed at the initial level that was suggested. The price thereafter began to fall by almost $0.87. At the previously noted resistance level, the bearish harami candle pattern was observed to develop. At the moment, $0.86 is the target price.

The USDCHF exchange rate is currently below the Hull Suite, indicating a negative reversal impulse. Price decreases are indicated by the forex signal QQE MOD, which is skewed below the zero line. If the purchasing momentum can sustain over the $0.88 resistance position, the price can rise above $0.89 and approach the $0.90 hedge levels. Merchandisers can, however, cut the price below $0.87 if consumers work hard enough to move it from the $0.86 to the $0.85 area.

USDCHF Medium-term Trend: Bearish

The medium-term outlook for the USDCHF is noticeably bearish. A few days prior, the currency pair had risen due to a double bottom candle pattern near the $0.85 barrier level. The price successfully attempted to top at $0.91 on February 03 when an inside bar candle pattern appeared. The price started falling in the direction of the south. The price right now is about $0.87. If bears are able to break through the previously mentioned barrier, the price can decrease to $0.87.

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When the currency pair moves below the Hull Suite signal, it is considered to be in a bearish market. If the QQE MOD is lower than zero, it is recommended to offer anything for sale.

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