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Buyers’ pressure increase in USDCHF market
USDCHF Price Analysis – 28 July
If buyers’ momentum is effective in holding the $0.86 support level, USDCHF may move past the $0.87 resistance level and toward the $0.88 and $0.89 resistance levels. If sellers apply enough pressure, the $0.86 barrier level can be broken, allowing the price to move further into the $0.85 and $0.84 levels.
USDCHF Market
Key Levels:
Resistance levels: $0.87, $0.88, $0.89
Support levels: $0.86, $0.85, $0.84
USDCHF Long-term trend: Bullish
USDCHF is bullish on the daily chart. The USDCHF market has been controlled by sellers for the last three weeks. The price breached the last support level of $0.87. For a few days, it moved in all directions. When sellers increased their pressure, the price dropped twice to $0.85 on July 13. Bulls are now attempting to hold the $0.84 level. It seems a bullish reversal chart pattern called double bottom has formed. Bullish movement envisaged.
The USD/CHF price is currently trading between the 9-period and 21-period EMAs indicating an increase in the buyers’ momentum. The Relative Strength Index period 14 at 41 levels indicates a bullish market. If buyers’ momentum is effective in holding the $0.86 support level, the price may move past the $0.87 resistance level and toward the $0.88 and $0.89 resistance levels. If sellers apply enough pressure, the $0.86 barrier level can be broken, allowing the price to move further into the $0.85 and $0.84 levels.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish in the medium-term outlook. The currency pair was fluctuating between $0.85 and $0.86 for the last two weeks. The buyers’ drive overpowered the sellers’, and the resistance level of $0.86 was broken. The price rose toward the $0.87 resistance level as the buyers gain traction. The USDCHF market is now dominated by bulls.
It is possible to notice the upward crossover of the 9-period EMA and the 21-period EMA. The market has turned positive. The price of USDCHF is currently above the two exponential moving averages, indicating a rising trend.
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