USDCHF Price: Buyers Defend $0.88 Support Level

Buyers are dominating USDCHF market

USDCHF Price Analysis – 21 June

USDCHF may surpass $0.90 and get close to the $0.91 barrier levels if the purchasing momentum can hold above the $0.89 resistance level. Sellers can push the price past $0.88 and into the $0.87 and $0.86 zones if they apply sufficient pressure.

USDCHF Market

Key Levels:

Resistance levels: $0.89, $0.90, $0.91

Support levels: $0.88, $0.87, $0.86

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 May 1st, sellers have dominated the USDCHF market. On the aforementioned day, the currency pair’s price approached the $0.92 resistance level. Near the previously recommended level, a bearish engulfing candle pattern appeared. The price immediately fell to $0.88, indicating a large decline.  Bearish momentum started with two tests of the previously indicated resistance level.

A negative reversal impulse is shown by the USD/CHF currency rate, which is currently lower than it was during the Hull Suite. The forex signal QQE MOD, which is skewed below the zero line, indicates price declines. The price may surpass $0.90 and get close to the $0.91 barrier levels if the purchasing momentum can hold above the $0.89 resistance level. Sellers can push the price past $0.88 and into the $0.87 and $0.86 zones if they apply sufficient pressure.

USDCHF Medium-term Trend: Bullish

It is evident that, over the medium term, the USDCHF is rising. The currency pair started to incline a few days ago when a double-bottom chart pattern emerged near the $0.88 support level. Price inclined once more yesterday in an attempt to break up the $0.89 resistance level, but it was able to continue the trend. The price is currently increasing and getting closer to $0.89 level.

A bullish market is indicated by the currency pair’s trading above the Hull Suite signal. In the event that the QQE MOD is more than zero, purchases are advised.

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