USDCHF Price Dangling Within $0.921 and $0.915

USDCHF Price Analysis – March 04

When the Bears’ momentum increase, USDCHF price may break down the support level at $0.915, then, 0.909 levels may be reached and it may decline to $0.903 level. Should the bulls break up the resistance level of $0.921, then, $0.927 and $0.931 level may be tested.

USDCHF Market

Key Levels:

Resistance levels: $0.921 $0.927, $0.931

Support levels: $0.915, $0.909, $0.903

 

USDCHF Long-term trend: Ranging

USDCHF is ranging on the long-term outlook. The currency pair was bullish last week. The resistance level of $0.927 was tested. An evening star candle pattern emerged and the price fall sharply with the formation of daily bearish candle. The price reduced to $0.915. Last week, the price is ranging within the $0.921 and $0.915 support levels.

USDCHF is trading below the two EMAs at close contact. The 9 periods EMA is found below the 21 periods EMA which indicate that bears are dominating the market. The Relative Strength Index period 14 is at 45 levels displaying no specific market direction. When the Bears’ momentum increase, USDCHF price may break down the support level at $0.915, then, 0.909 levels may be reached and it may decline to $0.903 level. Should the bulls break up the resistance level of $0.921, then, $0.927 and $0.931 level may be tested.

USDCHF Medium-term Trend: Ranging

USDCHF is ranging in the medium-term outlook. The currency pair is range-bound within the resistance level of $0.921 and the support level of $0.915. This scenario commenced on February 28 when the bears’ momentum became weak and the bulls equally lost their pressure. Ranging movement may continue until breakout take place.

The 9 period EMA is interlocked to the 21 periods EMA as a sign of ranging market. USDCHF is trading over and around the two EMA. Meanwhile, the Relative Strength Index period 14 is at 42 levels with signal line pointing down to indicate a sell signal.

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