USDCHF Price: Bull Are Gathering Momentum
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USDCHF Price: Bull Are Gathering Momentum

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Azeez Mustapha

Updated:

Bullish reversal envisaged in USDCHF market

USDCHF Price Analysis – 30 January

The price might drop below $0.75 and get closer to the $0.74 hedging scenario if selling pressure can stay below the $0.76 support level. The price may increase significantly to $0.79 if traders push it from $0.77 to $0.798.

Key Levels:

Resistance levels: $0.77, $0.78, $0.79

Support levels: $0.76, $0.75, $0.74

USDCHF Long-term trend: Bearish

The USDCHF chart has declined over the past five days. There has been a lot of demand for USDCHF since the price was around $0.80 around two months ago. The USDCHF market has been impacted by traders since December.

USDCHF 3 months chart

The exchange rate was $0.79 a few days ago. A bearish engulfing candle pattern emerged at the first recommended entry point, and the price dropped to $0.77. Near the first projected barrier level, a bearish harami candle pattern was also noticed, and the price has been declining since then. The chart’s significant turnaround has led to the current target price of $0.76.

USDCHF Price: Bull Are Gathering Momentum

Strong momentum is evident as the USDCHF exchange rate is currently below the Hull Suite.
A negative trend is indicated by the forex signal QQE MOD, which is below the zero line. The price might drop below $0.75 and get closer to the $0.74 hedging scenario if selling pressure can stay below the $0.76 support level. The price may increase significantly to $0.79 if traders push it from $0.77 to $0.798.

USDCHF Medium-term Trend: Bearish

The USDCHF has a negative medium-term outlook. The twin top chart pattern near the $0.80 hedging level exerted bearish pressure a few days ago. The price attempted to break above the inner bar candle pattern on January 16 at $0.80, and the trend thereafter declined. Given that the price has been declining, if bears are successful in breaking the $0.76 threshold, the market may commence a bullish trend next week. The bulls are gathering momentum.

USDCHF Price: Bull Are Gathering Momentum A bullish trend is confirmed when the currency pair is above the Hull Suite signal.
Any buying pressure is considered if the QQE MOD is more than zero..

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