USDCHF Price: Bullish Trend May Continue After Retracement

Azeez Mustapha

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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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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