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Bulls’ momentum is increasing in USDCHF market
USDCHF Price Analysis – 09 June
In case buyers exert enough pressure, the $0.90 barrier level might be broken, and the upward momentum might carry on to the $0.91 and $0.92 levels. USDCHF may go past the $0.89 support level and toward the $0.88 and $0.87 support levels if sellers are successful in holding 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. A few weeks ago, buyers dominated the USDCHF market. The $0.89 support level was broken by the price. It moved for a few days in all directions. On May 11, the price increased in response to the appearance of a bullish engulfing candle, testing the $0.90 resistance level. On May 19, as buyers and sellers battled for possession of the prior level, the price retraced to $0.89 once more. Last week, it tested the resistance level of $0.91 and pulled back to test the $0.90 level. The bullish trend may continue next week.
The USD/CHF price is currently barely above the two EMAs, and the 9-period EMA has crossed the 21-period EMAs higher. The Relative Strength Index period 14 at 50 levels indicates a bullish market. In case buyers exert enough pressure, the $0.90 barrier level might be broken, and the upward momentum might carry on to the $0.91 and $0.92 levels. The price may go past the $0.89 support level and toward the $0.88 and $0.87 support levels if sellers are successful in holding the $0.90 resistance level.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish in the medium-term outlook. A few weeks ago, the double bottom chart pattern was established at the $0.88 support level. This shows that the market is bullish. Resistance level $0.89 and support level $0.88 defined a range of the trend of the currency pair during the last two weeks. As a result of the purchasers’ efforts, the price is inclining and getting closer to the $0.91 resistance level. The price may keep rising after the current pullback.
The downward crossover of the 9-period EMA and the 21-period EMA can be seen. Indicating a bearish market which may be a pullback. USDCHF is currently trading between the two exponential moving averages.
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