USDCHF Price Change to Bearish Trend
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USDCHF Price Change to Bearish Trend

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Azeez Mustapha

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Bears’ pressure is increasing

USDCHF Price Analysis – 24 January

If selling pressure can maintain below the $0.77 support level, the price may move below $0.76 and approach the $0.75 hedging scenario. If traders drive the price from $0.78 to $0.79, it can rise much higher to $0.80.

Key Levels:

Resistance levels: $0.78, $0.79, $0.80

Support levels: $0.77, $0.76, $0.75

USDCHF Long-term trend (Daily): Bearish

Over the last five days, the USDCHF chart has fallen. Since the price was around $0.80 about two months ago, there has been a lot of demand for USDCHF. Since December, traders have had an impact on the USDCHF market. A few days ago, the exchange rate was $0.79. At the first suggested entry point, a bearish engulfing candle pattern appeared, and the price decreases to $0.77. Near the first expected barrier level, a bearish harami candle pattern was also observed, and the price has been decreasing ever then. The current target price of $0.77 is the result of the chart’s notable turnaround.

USDCHF Price Change to Bearish Trend

Strong momentum is evident as the USDCHF exchange rate is currently below the Hull Suite. The forex signal QQE MOD, which is below the zero line, indicates a downward trend. If selling pressure can maintain below the $0.77 support level, the price may move below $0.76 and approach the $0.75 hedging scenario. If traders drive the price from $0.78 to $0.79, it can rise much higher to $0.80.

 

USDCHF Medium-term Trend (4H): Bearish

The medium-term forecast for the USDCHF is bearish. A few days ago, bearish pressure was created by the twin top chart pattern close to the $0.80 hedging level.

USDCHF is in the final stages of a triangle

It appears that #USDCHF is nearing the end of a triangle, a termination pattern and possibly even a trend reversal. I would advise waiting for a positive daily candle rather than attempting to catch the bottom.

On January 16 at $0.80, the price made an attempt to break above the inner bar candle pattern, and the trend subsequently went downward. Given that the price has been falling, the market may break through the previously projected barrier at $0.77 if bears are able to break the $0.77 point. Right now, the bears are in control.

USDCHF Price Change to Bearish Trend A bearish trend is confirmed when the currency pair is below the Hull Suite signal. If the QQE MOD is lower than zero, any selling pressure is taken into account.

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