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Bullish trend may continue in USDCHF market
USDCHF Price Analysis – 09 December
USDCHF may rise past the $ 0.89 resistance level and in the direction of the $0.90 barrier level if the purchasing momentum can break above the $0.88 resistance level. Sellers may be able to push the price through the $0.87 barrier and into the $0.86 and $0.85 zones if they exert sufficient pressure.
USDCHF Market
Key Levels:
Resistance levels: $0.88, $0.89, $0.90
Support levels: $0.87, $0.86, $0.85
USDCHF Long-term trend: Bearish
There is a bearish trend on the USDCHF daily chart. Sellers were in charge of the USDCHF market, and it was falling. It is well below the $0.90 mark. Since October 24, Sellers have dominated the USDCHF market. The price of the currency pair breached the support level of $0.90. On November 1, near the $0.90 resistance level, a strong bearish engulfing candle pattern emerged, signaling the beginning of a downward trend. The price eventually found support at $0.86 and is currently pulling back.
The purchasers’ momentum seems to be building because the current USD/CHF exchange rate is between the 9- and 21-period moving averages. A bullish market is indicated by the Relative Strength Index period 14 at 43 levels. The price may rise past the $ 0.89 resistance level and in the direction of the $0.90 barrier level if the purchasing momentum can break above the $0.88 resistance level. Sellers may be able to push the price through the $0.87 barrier and into the $0.86 and $0.85 zones if they exert sufficient pressure
USDCHF Medium-term Trend: Bullish
The USDCHF is trending higher over the medium term. The commencement of the declining trend for the currency pair was indicated on October 4 by the formation of a double-top chart pattern close to the $0.92 resistance level. The price declined and found support at $0.86 on 03 December. A pin bar candle formed and the price bounced up trying to break up $0.88 resistance level at the moment.
The currency pair’s trading above both the 9- and 21-period exponential moving averages indicates a bullish market. When the index hits 62 level, the Relative Strength Index’s period 14 signal line suggests buying.
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