USDCHF Price: Buyers Defend $0.89 Support Level

Bulls’ momentum increase in USDCHF market

USDCHF Price Analysis – 27 September

If buyers’ momentum is successful in breaking up the $0.90 resistance level, USDCHF may move past the $0.91 resistance level and toward the $0.92 resistance level. If sellers apply sufficient pressure, the $0.89 barrier level may be broken, leading to a significant drop in price towards the $0.88 and $0.87 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.90, $0.91, $0.92

Support levels: $0.89, $0.88, $0.87

USDCHF Long-term trend: Bullish

On the daily chart, USDCHF is bullish. Currently, USDCHF is under the control of buyers and it is increasing. It is not having trouble breaking above the $0.90 barrier. The USDCHF market has been dominated by buyers since October 24. When the price broke through the resistance level of $0.88, the currency pair established an uptrend. A bullish trend started when a double-bottom chart pattern emerged at $0.89 support level. The USDCHF is moving up, towards the $0.91 level.

The price of the USD/CHF is currently above the 21- and 9-period moving averages, indicating that the buying momentum is increasing. The Relative Strength Index period 14 at 66 levels indicates a bullish market. If buyers’ momentum is successful in breaking up the $0.90 resistance level, USDCHF may move past the $0.91 resistance level and toward the $0.92 resistance level. If sellers apply sufficient pressure, the $0.89 barrier level may be broken, leading to a significant drop in price towards the $0.88 and $0.87 levels.

USDCHF Medium-term Trend: Bullish

USDCHF is trending upward from a mid-term standpoint. The formation of a double-bottom chart pattern near the $0.89 support level signals the start of a bullish trend for the currency pair. Bullish candles are the product of market forces. On October 26, the $0.90 resistance level was put to the test. It retreated the next day. Currently, buyers’ momentum is increasing and it is targeting $0.91 resistance level.

The fact that the currency pair is trading above both the 21- and 9-period exponential moving averages suggests a bullish market. The Relative Strength Index period 14 signal line is going upward, suggesting a buy, and the index is currently at 65.

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