USDCHF Price Commences a Bullish Trend at $0.83 Level

Bulls are opposing bears in USDCHF market

USDCHF Price Analysis – 02 February

USDCHF may move over the $0.88 resistance level and get close to the $0.89 barrier level if the buying momentum can continue above the $0.86 resistance level. Sellers may be able to push the price past $0.85 and into the $0.84 and $0.83 regions if they exert sufficient pressure.

USDCHF Market

Key Levels:

Resistance levels: $0.86, $0.88, $0.89

Support levels: $0.85, $0.84, $0.83

USDCHF Long-term trend: Bullish

USDCHF daily chart is trending upward. On the USDCHF market, sellers were favored by a negative trend, albeit not by nearly as much as $0.83. Since October 24, sellers have been in charge of the USDCHF market. On December 28, the currency pair’s price fell as low as the $0.82 support level. A bullish engulfing candle pattern first appeared near the $0.83 support level, indicating the start of an uptrend. In the end, the price came to $0.86. It is currently pressing hard against the $0.86 level.

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A stronger buying tendency is indicated by the current USD/CHF exchange rate above the Hull Suite indicator. The QQE MOD, rising over the zero line, indicates rising prices. According to the forex signal; Price may move over the $0.88 resistance level and get close to the $0.89 barrier level if the buying momentum can continue above the $0.86 resistance level. Sellers may be able to push the price past $0.85 and into the $0.84 and $0.83 regions if they exert sufficient pressure.

USDCHF Medium-term Trend: Bullish

The medium-term tendencies indicate that the USDCHF is inclining. The currency pair rose on December 29 when a double bottom chart pattern emerged near the $0.86 resistance level. The price increased on January 2 and then leveled off at $0.86. It is struggling to rise above $0.86. The price is currently increasing, suggesting a bullish trend.

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The currency pair’s trading above the Hull Suite signal indicates a bullish market. It is recommended to buy if the QQE MOD is more than zero.

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