USDCHF Price: Buyers Are Defending $0.88 Support Level

Buyers Ready to take over USDCHF market

USDCHF Price Analysis – 07 June

USDCHF may break through $0.90 and get close to the $0.91 barrier levels if the purchasing momentum can continue over the $0.92 resistance level. Sellers can push the price past $0.89 and into the $0.88 and $0.87 zones if they apply sufficient pressure.

USDCHF Market

Key Levels:

Resistance levels: $0.90, $0.91, $0.92

Support levels: $0.89, $0.88, $0.87

USDCHF Long-term trend: Bearish

There is a downward trend on the USDCHF daily chart. A bull market in the USDCHF helped buyers, though not by nearly as much as $0.91. Since January 3, buyers have been in charge of the USDCHF market. On January 23, the currency pair’s price approached the $0.91 resistance level. A bearish engulfing candle pattern appeared near the previously recommended level, and the price swiftly decreased towards $0.88, indicating a considerable decrease.  The previously indicated level saw two tests, signaling the start of bullish momentum.

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A negative reversal impulse is indicated by the USDCHF exchange rate, which is currently lower than it was during the Hull Suite. The forex signal QQE MOD, which is tilted below the zero line, indicates price declines. The price may break through $0.90 and get close to the $0.91 barrier levels if the purchasing momentum can continue over the $0.92 resistance level. Sellers can push the price past $0.89 and into the $0.88 and $0.87 zones if they apply sufficient pressure.

USDCHF Medium-term Trend: Bullish

It is evident that, over the medium term, the USDCHF is inclining. The currency pair started to decline few weeks ago when a double-top chart pattern emerged near the $0.91 resistance level. Price decreased to test the $0.88 support level twice on June 24, but it was unable to keep up the trend. Reversing course, it retested the $0.88 level. The price is currently inclining once more and getting closer to the $0.89 threshold.

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A bullish market is indicated by the currency pair’s trading above the Hull Suite signal. Buying is advised if the QQE MOD is more than zero.

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