USDCHF Price Commences a Bearish Reversal at $1.00 Level
Login

USDCHF Price Commences a Bearish Reversal at $1.00 Level

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

USDCHF Price Analysis – May 20

When the support level of $0.96 holds, bullish momentum may increase, USDCHF price may bounce off the level, then, 0.97 levels may be reached and it may incline to $0.98 and $0.99 level.  Should the bears break down the support level of $0.96, the price may decrease towards $0.95, and $0.94 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.97, $0.98, $0.99

Support levels: $0.96, $0.95, $0.94

USDCHF Long-term trend: Bearish

USDCHF is bearish on the long-term outlook. The resistance level of $1.0 was tested on May 16 by the pressure of bulls. The just mentioned level holds and price could not break it up. An inverted pin bar formed and the price obey the command. Strong bearish daily candles formed and the price decreases to $0.96 support level. The former support levels of $0.98 and $0.97 have turned to resistance levels.

USDCHF is trading below the two EMAs at a distance and the 9 periods EMA is bending towards the 21 periods EMA. The Relative Strength Index period 14 is at 49 levels bending down to indicate bearish market direction. When the support level of $0.96 holds, bullish momentum may increase, USDCHF price may bounce off the level, then, 0.97 levels may be reached and it may incline to $0.98 and $0.99 level.  Should the bears break down the support level of $0.96, the price may decrease towards $0.95, and $0.94 levels.

USDCHF Medium-term Trend: Bearish

USDCHF is bearish in the medium-term outlook. Buyers lose momentum at the resistance level of $1.00. The price reverses and break down former support levels of $0.98 and $0.97. Sellers are currently dominating the USDCHF market. Pullback may be expected in any trending market. Further price reduction is expected.

The 9 period EMA has crossed the 21 periods EMA downside. USDCHF is trading below the two EMAs as the price is decreasing. The Relative Strength Index period 14 is at 29 levels with signal line showing bullish direction which may be a pullback .

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News