Buyers’ pressure increase
USDCHF Price Analysis – 01 November
If the buying momentum can sustain over the $0.86 resistance level, the price can move above $0.87 and approach the $0.88 barrier levels. If sellers exert sufficient pressure, they can drive the price below $0.85 and into the $0.84 and $0.83 ranges.
Key Levels:
Resistance levels: $0.86, $0.87, $0.88
Support levels: $0.85, $0.84, $0.83
USDCHF Long-term trend: Bullish
The USDCHF daily chart is trending upward. Last month’s unfavorable USDCHF market helped clients, though not by nearly as much as $0.87. The USDCHF market was dominated by sellers from May 1 to September 26. The price of the currency pair was almost exactly $0.85 for the past two weeks. Near the first suggested level, there was a bullish engulfing candle pattern. The price rose to $0.86 right away, a considerable rise. Two tests of the previously defined support level signaled the beginning of the bullish trend. Right now, it’s approaching $0.87.
USDCHF Medium-term Trend: Bullish
It becomes clear that the USDCHF has a medium-term bullish tilt. The currency pair rose a few days ago due to a bullish engulfing candle formation near the $0.84 barrier level. On August 15, the price made yet another unsuccessful attempt to drop below $0.83. The price is currently closer to $0.87.
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