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

Buyers’ momentum is increasing in USDCHF market

USDCHF Price Analysis – 30 June

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. 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 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 USDCHF market was dominated by purchasers over the past three weeks. The price breached the $0.89 resistance level. It moved for a few days in all directions. The bullish engulfing candle that appeared on May 11 caused the price to rise and test the $0.91 resistance level. On May 19, the price once more reversed to $0.89 as buyers and sellers competed for control of the earlier level. Currently, it is dangling between $0.90 and $0.89 levels.

USD/CHF price is trading below the two EMAs, and the 9-period EMA has crossed the 21-period EMAs downside. The Relative Strength Index period 14 at 45 levels indicates a bearish market. 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. 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 Medium-term Trend: Ranging

USDCHF is ranging in the medium-term outlook. The currency pair found support at the $0.89 level on 15 June. The sellers lost momentum and the price bounced to retest the resistance level of $0.90. The buyers lose momentum and could not break up the mentioned resistance level. It bounced off the level. The price commenced a ranging movement between $0.89 and $0.90 levels.

It is possible to notice the downward 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 below the two exponential moving averages, indicating a bearish signal.

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