USDCHF Price: Bulls Are Gathering Momentum

Bullish reversal envisaged at $0.79 zone

USDCHF Price Analysis –11 July

The price may rise above $0.81 and get closer to the $0.82 hedging scenario if the buying impulse can hold above the $0.80 resistance position. If merchandisers put forth enough effort to lower the price from $0.79 to $0.77, they can still lower it to $0.75.

Key Levels:

Resistance levels: $0.80, $0.81, $0.82

Support levels: $0.79, $0.77, $0.75

USDCHF Long-term trend: Bearish

For over a month, the USDCHF map has been on a downward trend. Since the price was established at $0.84 a few weeks ago, customers have been able to meet the huge demand for USDCHF. Merchandisers have controlled the USDCHF market since February 25. A few days ago, the value of the two currencies was $0.82. At the first recommended position, a bearish engulfing candle pattern was visible. In addition, the price started to drop by less than $0.81. The bearish harami candle pattern was observed to have emerged at the first anticipated support level. The current target price is $0.79 due to its negative reversion.

A negative trend impetus is indicated by the USDCHF exchange rate’s present position below the Hull Suite. The forex signal QQE MOD, which is located below the zero line, indicates price falls. The price may rise above $0.81 and get closer to the $0.82 hedging scenario if the buying impulse can hold above the $0.80 resistance position. If merchandisers put forth enough effort to lower the price from $0.79 to $0.77, they can still lower it to $0.75.

USDCHF Medium-term Trend: Bullish

The USDCHF’s medium-term prognosis is getting better. The head and shoulder candle pattern at the $ 0.84 hedging position had caused bearish pressure on the currency brace a few days prior. On April 25, the price attempted, but failed, to break up at $0.84 when an inner bar candle pattern emerged. The price started to decline as one went south. The price was tested at $0.79. However, if bulls can break above the previously anticipated barrier of $0.79, the market is tumbling above that level.

A bull market is underway when the currency brace falls over the Hull Suite signal. If the QQE MOD is greater than zero, it is advised to make any offer for a purchase transaction.

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