USDCHF Price: Double Bottom Chart Pattern at $0.81 Level

Bulls are taking over USDCHF market

USDCHF Price Analysis – 16 May

The price may rise above $0.84 and get closer to the $0.85 hedging situation if the buying impulse can hold above the $0.83 resistance position. If merchandisers put in enough effort to move the price from $0.82 to $0.81, they can still lower it below $0.80.

Key Levels:

Resistance levels: $0.83, $0.84, $0.85

Support levels: $0.82, $0.81, $0.80

USDCHF Long-term trend: Bullish

For over a week, the USDCHF map has been shown an upward trend. The significant USDCHF requirement has been met by clients ever since the price first showed at $0.84 three weeks ago. Merchandisers have controlled the USDCHF market since February 25. A few days ago, the value of the two currencies was $0.83. At the first recommended position, a bearish engulfing candle pattern was visible. In addition, the price started to drop by less than $0.83. The bearish harami candle pattern was seen to emerge at the first support level that was anticipated. The goal price at the moment is $0.83 since it indicates a positive turnaround.

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A positive trend impetus is indicated by the USDCHF exchange rate’s present position above the Hull Suite. The forex signal QQE MOD, which is located above the zero line, indicates price increases. The price may rise above $0.84 and get closer to the $0.85 hedging situation if the buying impulse can hold above the $0.83 resistance position. If merchandisers put in enough effort to move the price from $0.82 to $0.81, they can still lower it below $0.80.

USDCHF Medium-term Trend: Bullish

The USDCHF’s medium-term prognosis is notably improving. A double botom candle formation close to the $ 0.80 hedging position had put the currency brace under bullish pressure many days prior. When an inner bar candle pattern emerged on April 25, the price made a successful effort to break down at $0.80. The price started to go up as one went north. Right now, the price is $0.82. However, if bulls can break above the previously anticipated barrier of $0.83, the market may increase above $0.84.

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