USDCHF Price Experiences a Bullish Reversal at $0.83 Support Level

Bullish momentum is increasing in USDCHF market

USDCHF Price Analysis – 19 January

USDCHF may move beyond the $0.88 resistance level and get close to the $0.89 barrier levels if the buying momentum can hold above the $0.86 resistance level. Sellers may be able to push the price past $0.85 and into the $0.84 and $0.83 regions if they exert sufficient pressure.

USDCHF Market

Key Levels:

Resistance levels: $0.86, $0.88, $0.89

Support levels: $0.85, $0.84, $0.83

USDCHF Long-term trend: Bullish

The USDCHF daily chart is trending upward. The market for USDCHF was declining, and sellers held the upper hand. Though not nearly as much as $0.89. Since October 24, sellers have been in charge of the USDCHF market. On December 28, the currency pair’s price fell as low as the $0.82 support level. A bullish engulfing candle pattern first appeared near the $0.82 support level, indicating the start of an uptrend. In the end, the price settled at $0.85. It is currently pressing hard on $0.86 level.

The fact that USD/CHF exchange rate is currently above the Hull Suite indicator suggests that buyers’ momentum is increasing. The QQE MOD indicator is increasing above the zero line, a sign of rising prices. Price may move beyond the $0.88 resistance level and get close to the $0.89 barrier levels if the buying momentum can hold above the $0.86 resistance level. Sellers may be able to push the price past $0.85 and into the $0.84 and $0.83 regions if they exert sufficient pressure.

USDCHF Medium-term Trend: Bullish

The medium-term trends indicate that the USDCHF is rising. The currency pair started to rise on December 29 when a double bottom chart pattern emerged near the $0.85 resistance level. The price increased on January 2 and then leveled off at $0.85. It is struggling to break up $0.86 level.

USDCHF is trading above the Hull Suite signal indicates a bullish market. Purchasing is suggested when the QQE MOD exceeds the zero threshold.

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