USDCHF Price Continues a Bullish Trend Towards $0.88 Level

Bulls are in control of USDCHF market

USDCHF Price Analysis – 09 February

If the purchasing momentum can sustain over the $0.88 resistance level, USDCHF can cross the $0.89 resistance level and approach the $0.91 barrier level. If sellers apply enough pressure, they might be able to move the price past $0.86 and into the $0.85 and $0.84 ranges.

USDCHF Market

Key Levels:

Resistance levels: $0.88, $0.89, $0.91

Support levels: $0.86, $0.85, $0.84

USDCHF Long-term trend: Bullish

The daily USDCHF chart is on the rise. A bearish trend benefitted sellers on the USDCHF market, though not by nearly as much as $0.84. Sellers have been in control of the USDCHF market since October 24. The price of the currency pair dropped as low as the $0.82 support level on December 28. Near the $0.83 support level, a bullish engulfing candle pattern first emerged, signaling the beginning of an upswing. The final cost came to $0.86. At the moment, it is strongly pressing toward the $0.88 mark according to forex signals.

The fact that the current USD/CHF exchange rate is higher than the Hull Suite indication suggests a stronger buying inclination. Climbing prices are shown by the QQE MOD, which is climbing over the zero line. If the purchasing momentum can sustain over the $0.88 resistance level, price can cross the $0.89 resistance level and approach the $0.91 barrier levels. If sellers apply enough pressure, they might be able to move the price past $0.86 and into the $0.85 and $0.84 ranges.

USDCHF Medium-term Trend: Bullish

USDCHF is inclined, according to the medium-term tendencies. On December 29, the currency pair began to increase after a double-bottom chart pattern appeared close to the $0.86 resistance level. On January 2, the price went up before stabilizing at $0.86. It is not having difficulty rising above $0.86. Right now, the price is rising, indicating a bullish trend.

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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