USDCHF Price: Double Bottom Chart Pattern at $0.89 Level, Bullish Reversal Envisaged

Buyers’ momentum is increasing in USDCHF market

USDCHF Price Analysis – 23 June

In case sellers exert enough pressure, the $0.89 barrier level might be broken, and the downward momentum might carry on to the $0.88 and $0.87 levels. USDCHF may go past the $0.90 resistance level and toward the $0.91 and $0.92 resistance levels if buyers are successful in holding the $0.89 support level.

USDCHF Market

Key Levels:

Resistance levels: $0.90, $0.91, $0.92

Support levels: $0.89, $0.88, $0.87

USDCHF Long-term trend: Bearish

USDCHF is bearish in the daily chart. The previous two weeks saw buyers dominate the USDCHF market. The $0.89 resistance level was broken by the price. It traveled in all directions for a few days. The price increased and tested the $0.91 resistance level as a result of the bullish engulfing candle that occurred on May 11. On May 19, as buyers and sellers battled for dominance of the prior level, the price once more reversed to $0.89. It recently tested the $0.89 support level and bounces up.

The USD/CHF price is currently barely below the two EMAs, and the 9-period EMA has crossed the 21-period EMAs downside. The Relative Strength Index period 14 at 47 levels indicates a bullish market. In case sellers exert enough pressure, the $0.89 barrier level might be broken, and the downward momentum might carry on to the $0.88 and $0.87 levels. The price may go past the $0.90 resistance level and toward the $0.91 and $0.92 resistance levels if buyers are successful in holding the $0.89 support level.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. The double bottom chart pattern was established near the $0.89 support level last week. This indicates a bullish market. During the previous two weeks, a range of the trend of the currency pair was established by a resistance level $0.89 and a support level $0.88. The price is inclining and approaching closer to the $0.90 resistance level as a result of the buyers’ efforts. After the recent pullback, the price may continue to rise.

It is possible to notice the upward crossover of the 9-period EMA and the 21-period EMA. A market indicator that may represent a retreat and is pessimistic. At the moment, the USDCHF is trading above the two exponential moving averages.

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