Bulls’ momentum may increase in USDCHF market
USDCHF Price Analysis – 24 March
The $0.92 barrier level may be broken if the buyers apply enough pressure, and the upward trend may continue to the $0.93 and $0.94 levels. If sellers exert further pressure and hold the $0.92 resistance level, the price may pass the $0.91 support level and fall toward the $0.90 and $0.89 support 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. In the previous two weeks, buyers dominated the market. The price was forced past the $0.93 level of resistance. For a few days, it moved in all directions. A bearish engulfing candle developed on March 9 and the price dropped to test the $0.90 support level. The price tested $0.93 last week as buyers faced off against sellers at the aforementioned level; currently, the price is retracing.
The 9-period EMA has crossed the 21-period EMAs, and the USDCHF is currently trading just below the two EMAs. A bearish market is indicated by the Relative Strength Index period 14 at 45 levels. The $0.92 barrier level may be broken if the buyers apply enough pressure, and the upward trend may continue to the $0.93 and $0.94 levels. If sellers exert further pressure and hold the $0.92 resistance level, the price may pass the $0.91 support level and fall toward the $0.90 and $0.89 support levels.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish in the medium-term outlook. The ongoing formation of double bottom chart pattern is noticed at the support level of $0.91. It means that bulls are gathering momentum to take over the USDCHF market. The currency pair enters a bearish trend. When buyers were trying to increase the price around the $0.93 resistance level, sellers stepped in, and forced the price to drop until it reached the $0.91 support level last week. The price is bouncing up toward the resistance level of $0.92 level.
The 9-period EMA is trying to cross above the 21-period EMA. The USDCHF is currently trading slightly above the two EMAs, indicating bullish momentum. The signal line on the Relative Strength Index period 14 is displaying a bullish direction at the 49 levels.
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