Bulls’ momentum may increase in USDCHF market
USDCHF Price Analysis – 12 May
When sellers exert enough pressure, the $0.88 barrier level might be breached, and the downward trend might carry on to the $0.87 and $0.86 levels. USDCHF may move past the $0.89 resistance level and upward toward the $0.90 and $0.91 resistance levels if buyers are able to hold the $0.88 support level.
USDCHF Market
Key Levels:
Resistance levels: $0.89, $0.90, $0.91
Support levels: $0.88, $0.87, $0.86
USDCHF Long-term trend: Bullish
On the Long-term outlook, USDCHF is on a bullish movement. Sellers have recently taken control of the USDCHF market. The $0.93 resistance level was broken by the price. It traveled in all directions for a few days. On March 9, a bearish engulfing candle formed, which caused the price to drop to test the $0.90 support level. On March 15, as sellers and buyers battled for control of the aforementioned level, the price retested $0.88; as of right now, it is bouncing off the just-mentioned support level.
The price of USD/CHF is currently trading slightly above the two EMAs since the 9-period EMA is crossing the 21-period EMAs upside. The Relative Strength Index period 14 at 47 levels indicates a bullish market. When sellers exert enough pressure, the $0.88 barrier level might be breached, and the downward trend might carry on to the $0.87 and $0.86 levels. The price may move past the $0.89 resistance level and upward toward the $0.90 and $0.91 resistance levels if buyers are able to hold the $0.88 support level.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish in the medium-term outlook. The resistance level of $0.89 and the support level of $0.88 marked the range of the currency pair’s trend. At the $0.88 support level, a triple bottom chart pattern became visible. It denotes a bullish market. As a result of the purchasers’ actions, the price is inclining and getting closer to the $0.89 resistance level.
The 9-period EMA is attempting to cross upside over the 21-period EMA. The USDCHF is currently above the two exponential moving averages, indicating a market where the trend is shifting higher. The relative Strength Index period 14 signal line is going up at 55.
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