Buyers’ pressure increase in USDCHF market
USDCHF Price Analysis – 21 July
USDCHF may advance past the $0.86 resistance level and toward the $0.87 and $0.88 resistance levels if buyers s’ momentum is successful in holding the $0.85 support level. The $0.85 barrier level might be broken if sellers exert enough pressure, continuing the move into the $0.84 and $0.83 levels.
USDCHF Market
Key Levels:
Resistance levels: $0.86, $0.87, $0.88
Support levels: $0.85, $0.84, $0.83
USDCHF Long-term trend: Bullish
USDCHF is bullish on the daily chart. Over the past three weeks, sellers have dominated the USDCHF market. The previous support level of $0.87 was violated by the price. It moved for a few days in all directions. On July 7, a bearish engulfing candle formed, which led to a decline in price and a breach of the $0.86 support level. On July 13, when sellers applied more pressure, the price fell once more to $0.85. Bulls are currently trying to defend $0.84 level.
The USD/CHF price is currently trading slightly above the 9-period EMA indicating an increase in the buyers’ momentum. The Relative Strength Index period 14 at 35 levels indicates a bullish market. The price may advance past the $0.86 resistance level and toward the $0.87 and $0.88 resistance levels if buyers s’ momentum is successful in holding the $0.85 support level. The $0.85 barrier level might be broken if sellers exert enough pressure, continuing the move into the $0.84 and $0.83 levels.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish in the medium-term outlook. Over the past two weeks, the currency pair has been ranging between $0.89 and $0.90. The support level of $0.89 was breached as the sellers’ push outweighed the buyers’. As the sellers gather momentum, the price declines approaching the $0.85 support level. The bulls are currently taking over the USDCHF market.
The upward crossover of the 9-period EMA and the 21-period EMA can be seen. The market has become bullish. The two exponential moving averages are currently below the USDCHF price, indicating a positive trend.
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