USDCHF Price: Buyers Defend $0.89 Support Level

Buyers are returning in to USDCHF market

USDCHF Price Analysis – 17 May

If the buying momentum can stay above the $0.91 resistance level, USDCHF can break through $0.92 and approach the $0.93 barrier levels. If sellers exert enough pressure, they can drive the price past $0.90 and into the $0.89 and $0.88 zones.

USDCHF Market

Key Levels:

Resistance levels: $0.91, $0.92, $0.93

Support levels: $0.90, $0.89, $0.88

USDCHF Long-term trend: Bullish

The daily chart of USDCHF indicates inclining movement. Although not by nearly as much as $0.91, purchasers were assisted by a bull market in the USDCHF. USDCHF market has been dominated by buyers since January 3. The price of the currency pair got close to the $0.89 resistance level on January 23. Near the previously mentioned level, a bullish engulfing candle pattern emerged, and the price quickly increasing towards $0.91, indicating a significant increase.

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The USD/CHF exchange rate, which is currently higher than it was during the Hull Suite, indicates a big buying impulse. Rising prices are indicated by the forex signal QQE MOD, which is inclining above the zero line. If the buying momentum can stay above the $0.91 resistance level, the price can break through $0.92 and approach the $0.93 barrier levels. If sellers exert enough pressure, they can drive the price past $0.90 and into the $0.89 and $0.88 zones.

USDCHF Medium-term Trend: Bullish

It is clear that the USDCHF is gaining ground in the medium run. When a double-bottom chart pattern appeared in the vicinity of the $0.83 support level last week, the currency pair began to rise. On May 01, the price went up to test $0.92 resistance level but could not maintain the momentum. It pulled back and retested the $0.89 level. Right now, the price is rising back and approaching the $0.91 resistance level.

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The currency pair’s trading above the Hull Suite signal indicates a bullish market. Buying is recommended if the QQE MOD is higher than zero.

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