Price may increase further next week
USDCHF Price Analysis –08 August
The price may rise above $0.82 and get closer to the $0.83 hedging scenario if the buying impulse can hold above the $0.81 resistance position. If merchandisers put in enough effort to lower the price from $0.80 to $0.79, they can still lower it to $0.77.
Key Levels:
Resistance levels: $0.81, $0.82, $0.83
Support levels: $0.80, $0.79, $0.77
USDCHF Long-term trend: Bullish
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 massive 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, and the price fell twice to $0.79. In addition, the price started to rise again. The bullish harami candle pattern was observed to have emerged near the first anticipated support level. The current target price is $0.81 as a result of its favorable turnaround.
The current position of the USDCHF exchange rate above the Hull Suite points to a positive trend impulse. The forex signal QQE MOD, which is located above the zero line, indicates price increases. The price may rise above $0.82 and get closer to the $0.83 hedging scenario if the buying impulse can hold above the $0.81 resistance position. If merchandisers put in enough effort to lower the price from $0.80 to $0.79, they can still lower it to $0.77.
USDCHF Medium-term Trend: Bullish
The USDCHF’s medium-term prognosis is getting better. The double bottom chart formation close to the $0.79 hedging position had been putting positive pressure on the currency brace a few days prior. On July 23, the price attempted in vain to break below at $0.79 as an inner bar candle pattern emerged. The price started to go up as one went north. The target price is $0.80. However, if bulls can break above the previously anticipated barrier of $0.79, the market is crashing past it.
A bull market is ready to start when the currency brace crosses the Hull Suite signal. If the QQE MOD is greater than zero, any offer for a purchase transaction is encouraged.
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