USDCHF Price: Double Top Chart Pattern at $0.92 Level

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Sellers’ momentum may increase in USDCHF market

USDCHF Price Analysis – 06 September

In case buyers’ momentum is successful in holding the $0.91 support level, the price may increase past the $0.92 resistance level and toward the $0.93 and $0.94 resistance levels. If sellers apply enough pressure, the $0.91 barrier level can be broken, which would cause a significant drop in price into the $0.90 and $0.89 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.92, $0.93, $0.94

Support levels: $0.91, $0.90, $0.89

USDCHF Long-term trend: Bullish

On the daily chart, USDCHF is bullish. As it is now retreating, USDCHF is struggling to surpass the $0.92 ceiling. The USDCHF market was dominated by buyers for the previous month. The price breached the last resistance level of $0.89. Increased buyers’ pressure was applied to the price on 21 September and it twice tested the $0.92 mark. A bearish trend started after a double top chart pattern appeared. The $0.92 ceiling is proving to be a barrier for the USDCHF.

The USD/CHF price current position between the 9- and 21-period EMAs indicates that sellers’ momentum may increase. The Relative Strength Index period 14 at 61 levels indicates a bearish market. If buyers’ momentum is successful in holding the $0.91 support level, the price may increase past the $0.92 resistance level and toward the $0.93 and $0.94 resistance levels. If sellers apply enough pressure, the $0.91 barrier level can be broken, which would cause a significant drop in price into the $0.90 and $0.89 levels.

USDCHF Medium-term Trend: Bearish

USDCHF is on a bearish movement in the medium-term outlook. It seems the currency pair is about to start a bearish movement with the formation of a double-top chart pattern at the $0.92 resistance level. Bearish candles are produced by the market. The bears are exerting pressure on the support level of $0.91 at the moment. The downward break at the $0.91 support level may establish a downtrend.

The currency pair is trading below both the 9-period EMA and the 21-period EMA, indicating a bearish market. The Relative Strength Index period 14 is at 42, with its signal line pointing downward to indicate a sell.

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