USDCHF Price: Bullish Trend May Continue as Buyers Exert More Pressure

Bulls’ pressure increases on USDCHF

USDCHF Price Analysis – October 07

Should buyers gain more momentum, bullish trend will continue above the resistance level of $0.99, next resistance level to target are $1.00 and $1.01. When the resistance level of $0.99 holds, bearish momentum may increase, USDCHF price may decrease to 0.98 level and it may extend to $0.97 and $0.96 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.99, $1.00, $1.01

Support levels: $0.98, $0.97, $0.96

USDCHF Long-term trend: Bullish

USDCHF is bullish on the long-term outlook. Buyers are holding unto the Pound-US dollar. That is to say that the currency pair is on the bullish trend. The buyers are receiving more opposition from the sellers and that is why price is moving within $0.98 and $0.99 levels. However, pressure from the bulls is greater than pressure from the buyers. The pair is struggling to break up the resistance level of $0.99.

As a sign of bullish movement or price increment USDCHF is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 59 levels bending up to indicate buy signal. Should buyers gain more momentum, bullish trend will continue above the resistance level of $0.99, next resistance level to target are $1.00 and $1.01. When the resistance level of $0.99 holds, bearish momentum may increase, USDCHF price may decrease to 0.98 level and it may extend to $0.97 and $0.96 levels.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. The currency pair maintain its movement within the ascending channel formed. The lower trend line is tested many times but unable to break by the bears’ pressure. Bullish pressure is increasing gradually and the price is trying to break up resistance level at $0.99.

The 9 periods EMA has crossed the 21 periods EMA upside. USDCHF is trading above the two EMAs as the price is increasing. The Relative Strength Index period 14 is at 61 levels with signal line showing bullish signal.

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