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Bullish trend may commence in USDCHF market
USDCHF Price Analysis – 01 December
If the buying momentum is able to break above the $0.88 resistance level, USDCHF can move past the $0.89 resistance level and toward the $0.90 barrier levels. If sellers apply enough pressure, they might be able to move the price past the $0.87 barrier and into the $0.86 and $0.85 zones.
USDCHF Market
Key Levels:
Resistance levels: $0.88, $0.89, $0.90
Support levels: $0.87, $0.86, $0.85
USDCHF Long-term trend: Bearish
There is a bearish trend on the USDCHF daily chart. Sellers are currently in charge of the USDCHF market, and it is falling. It is well below the $0.90 mark. Since October 24, Sellers dominated the USDCHF market. The price of the currency pair began to fall after breached the support level of $0.90. On November 1, near the $0.90 resistance level, a strong bearish engulfing candle pattern emerged, signaling the beginning of a downward trend. The price is currently exposed to $0.87 and has broken below the $0.88 support level.
Given that the current USD/CHF exchange rate is below the 21- and 9-period moving averages, it appears that the vendors’ momentum is increasing. The Relative Strength Index period 14 at 32 levels indicates a bearish market. If the buying momentum can break above the $0.88 resistance level, the price can move past the $0.89 resistance level and toward the $0.90 barrier levels. If sellers apply enough pressure, they might be able to move the price past the $0.87 barrier and into the $0.86 and $0.85 zones.
USDCHF Medium-term Trend: Bearish
The medium-term trend shows a decline in USDCHF. The beginning of the currency pair’s declining trend was indicated on October 4 by the appearance of a double-top chart pattern close to the $0.92 resistance level. Bearish candles are a good way to gauge the market. The $0.89 support level was tested on October 24. It fell to $0.90 once more. Since sellers are in charge, the $0.88 support level is currently being tested.
A bearish market is indicated by the currency pair’s trading below both the 9- and 21-period exponential moving averages. The Relative Strength Index’s period 14 signal line indicates a buy when the index reaches 37.
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