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Bulls’ momentum increase in USDCHF market
USDCHF Price Analysis – 22 September
If buyers’ momentum is successful in maintaining the $0.90 support level, USDCHF may increase past the $0.91 resistance level and toward the $0.92 and $0.93 resistance levels. If sellers apply enough pressure, the $0.90 barrier level can be broken, which would cause a significant price drop into the $0.89 and $0.88 levels.
USDCHF Market
Key Levels:
Resistance levels: $0.91, $0.92, $0.93
Support levels: $0.90, $0.89, $0.88
USDCHF Long-term trend: Bullish
On the daily chart, USDCHF is rising. The USDCHF is now inclining and going above the $0.90 ceiling. USDCHF market has been dominated by buyers since July. The price breached the last support level of $0.87. It gradually stabilized around $0.85, and the price rose. More buyers put pressure on the price on August 20, pushing it past the $0.86, $0.87, and $0.88 resistance levels. The $0.90 ceiling that was proving to be a barrier for the USDCHF has been broken upside.
USDCHF is currently trading above both the 9- and 21-period EMAs, which shows that buyers’ momentum is accelerating. The Relative Strength Index period 14 at 76 levels indicates a bullish market. If buyers’ momentum is successful in maintaining the $0.90 support level, the price may increase past the $0.91 resistance level and toward the $0.92 and $0.93 resistance levels. If sellers apply enough pressure, the $0.90 barrier level can be broken, which would cause a significant price drop into the $0.89 and $0.88 levels.
USDCHF Medium-term Trend: Bullish
USDCHF medium-term prognosis is positive. A bullish trend started when a double-bottom chart pattern appeared at the $0.85 support level. Bullish candles are produced by the market. The $0.87 currency pair’s former resistance level has changed to a support level. The upward break occurred at the $0.90 resistance level. The price is increasing towards $0.91.
The currency pair is trading above both the 9-period EMA and the 21-period EMA, indicating a bullish market. The Relative Strength Index period 14 signal line is pointing upward and indicates a buy; the index is now at 77.
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