Bulls are dominating USDCHF market
USDCHF Price Analysis – 18 October
If the buying momentum can sustain over the $0.87 resistance level, the price can move above $0.88 and approach the $0.89 barrier levels. If sellers exert enough pressure, they can drive the price below $0.86 and into the $0.85 and $0.84 ranges.
Key Levels:
Resistance levels: $0.87, $0.88, $0.89
Support levels: $0.86, $0.85, $0.84
USDCHF Long-term trend: Bullish
The USDCHF daily chart is trending upward. Last month’s unfavorable USDCHF market helped clients, though not by nearly as much as $0.87. The USDCHF market was dominated by sellers from May 1 to September 26. The price of the currency pair was almost exactly $0.85 last week. Near the first suggested level, there was a bullish engulfing candle pattern. The price immediately jumped to $0.86, showing a significant increase. Two tests of the previously defined support level signaled the beginning of the bullish trend. Right now, it’s approaching the $0.87 mark.
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The USDCHF exchange rate, which is now lower than the Hull Suite, indicates a positive reversal impulse. Price increases are indicated by the forex signal QQE MOD, which is skewed over the zero line. If the buying momentum can sustain over the $0.87 resistance level, the price can move above $0.88 and approach the $0.89 barrier levels. If sellers exert enough pressure, they can drive the price below $0.86 and into the $0.85 and $0.84 ranges.
USDCHF Medium-term Trend: Bullish
It becomes clear that the USDCHF is slanted over the medium term. The currency pair rose a few days earlier due to a bullish engulfing candle pattern near the $0.84 barrier level. On August 15, the price made yet another unsuccessful attempt to drop below $0.83. The price is currently at $0.87.
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