USDCHF Price: Bulls Are Gathering Momentum to Push Price Above $0.93 Level

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Bulls may take over USDCHF market

USDCHF Price Analysis – 20 January

If sellers maintain their pressure and hold the $0.92 resistance level, USDCHF will pass through the $0.91 level and decline toward the $0.90 and $0.89 support levels. The $0.92 resistance level may be breached on the positive if the buyers apply additional pressure, and the bullish trend may continue to the $0.93 and $0.94 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.92, $0.93, $0.94

Support levels: $0.91, $0.90, $0.89

USDCHF Long-term trend: Bearish

USDCHF is on a bearish movement on the Long-term outlook. Last week, the sellers’ momentum failed when the support level of $0.92 was challenged, and the price was unable to decline below it. The buyers attempted to raise the price above the $0.93 resistance level, but the buyers’ impetus was insufficient. According to this scenario, the pair was moving in a range within $0.93 and $0.92 levels. There was a breakout last week on 18 January, the support level of $0.90 was tested.

The 9-period EMA and the 21-period EMA are separating from each other and USDCHF is trading below the two EMAs. A bullish market direction is indicated by the Relative Strength Index period 14 being at 43 levels. If sellers maintain their pressure and hold the $0.92 resistance level, the price will pass through the $0.91 level and decline toward the $0.90 and $0.89 support levels. The $0.92 resistance level may be breached on the positive if the buyers apply additional pressure, and the bullish trend may continue to the $0.93 and $0.94 levels.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. The price was on the ranging movement last week. The $0.92 support level was defended by the bulls when the sellers’ momentum was weak and could not push through $0.92 support level. Sellers eventually prevailed and the support level of $0.90 was tested. Today, buyers dominate the market and the price is increasing at the moment.

The 9-period EMA is crossing the 9-period EMA upside. The USDCHF is currently trading above the two EMAs, indicating a bullish market. The signal line on the Relative Strength Index period 14 is displaying bullish direction.

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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.