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 .
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