USDCHF Price: Bullish Momentum May Commence In Case $0.91 Level Holds

Bulls may take over USDCHF market

USDCHF Price Analysis – 03 February

In case sellers maintain their pressure and hold the $0.92 resistance level, USDCHF may break through the $0.91 level and drop towards the $0.90 and $0.89 support levels. The $0.92 barrier level may be positively breached if the buyers apply more pressure, and the bullish trend may continue to the $0.93 and $0.94 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.92, $0.93, $0.94

Support levels: $0.91, $0.90, $0.89

USDCHF Long-term trend: Bearish

USDCHF is on a bearish movement on the Long-term outlook. Last week, sellers’ momentum increased and the price broke down $0.93 and $0.92 former support levels. The support level of $0.90 was tested. When the $0.90 support level was tested and the price was unable to drop below it. Although the buyers attempted to raise the price beyond the $0.92 resistance level, they lacked sufficient energy. According to this situation, the pair is pulling back.

USDCHF is trading below the two EMAs as the 9-period and 21-period EMAs are drifting apart. A bullish market trend is indicated by the Relative Strength Index for period 14 at 41 levels. In case sellers maintain their pressure and hold the $0.92 resistance level, the price may break through the $0.91 level and drop toward the $0.90 and $0.89 support levels. The $0.92 barrier level may be positively breached if the buyers apply more pressure, and the bullish trend may continue to the $0.93 and $0.94 levels.

 USDCHF Medium-term Trend: Bearish

USDCHF is bearish in the medium-term outlook. The bulls were trying to dominate the USDCHF market last week when the price was increasing toward the resistance level of $0.93. Sellers interrupted buyers along the way and the price declined to the support level of $0.90 on 01 February. It seems the sellers’ momentum is becoming weak and the price could not decline below the mentioned level.  It is pulling back toward the resistance level of $0.92 at the moment.

The 9-period EMA is trying to cross the 21-period EMA upside. The USDCHF is currently trading between the two EMAs, indicating bullish momentum. The signal line on the Relative Strength Index period 14 is displaying a bullish direction.

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