Bulls’ momentum is increasing in USDCHF market
USDCHF Price Analysis – 26 May
In case buyers exert enough pressure, the $0.90 barrier level might be breached, and the upward trend might carry on to the $0.91 and $0.92 levels. USDCHF may move past the $0.89 support level and downward toward the $0.88 and $0.87 support levels if sellers are able to hold the $0.90 resistance level.
USDCHF Market
Key Levels:
Resistance levels: $0.90, $0.91, $0.92
Support levels: $0.89, $0.88, $0.87
USDCHF Long-term trend: Bullish
On a long-term basis, USDCHF is moving upward. Recently, the USDCHF market is dominated by buyers. The price broke the $0.89 support level. For a few days, it moved in all directions. On May 11, a bullish engulfing candle formed, which caused the price to increase to test the $0.90 resistance level. As buyers and sellers battled for control of the level mentioned above, the price retested $0.89 on May 19. As of right now, it is struggling to break up the $0.90 resistance level.
The USD/CHF price is presently hovering barely above the two EMAs as the 9-period EMA has crossed the 21-period EMAs upward. The Relative Strength Index period 14 at 58 levels, indicates a bullish market. In case buyers exert enough pressure, the $0.90 barrier level might be breached, and the upward trend might carry on to the $0.91 and $0.92 levels. The price may move past the $0.89 support level and downward toward the $0.88 and $0.87 support levels if sellers are able to hold the $0.90 resistance level.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish in the medium-term outlook. The resistance level of $0.89 and the support level of $0.88 have defined the range of the currency pair’s trend during the past two weeks. At the $0.88 support level, a clear triple bottom chart pattern appeared. It represents a market that is bullish. As a result of the purchasers’ efforts, the price is inclining and getting closer to the $0.90 resistance level. The price is still rising.
The upside cross has occurred between the 9-period EMA and the 21-period EMA. A bullish market is indicated by the USDCHF’s current price, which is above the two exponential moving averages.
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