Bears’ momentum may increase in USDCHF market
USDCHF Price Analysis – 16 April
In case sellers exert enough pressure, the $0.88 barrier level might be broken, and the falling trend might carry on to the $0.87 and $0.86 levels. The price may breach the $0.89 resistance level and rise toward the $0.90 and $0.91 resistance levels if buyers hold the $0.88 support level.
USDCHF Market
Key Levels:
Resistance levels: $0.89, $0.90, $0.91
Support levels: $0.88, $0.87, $0.86
USDCHF Long-term trend: Bearish
USDCHF is on a bearish movement on the Long-term outlook. A few weeks ago, sellers started dominating the market. The $0.93 resistance level was repelled by the price. For a few days, it moved in all directions. On March 9, a bearish engulfing candle formed, which caused the value to fall to test the $0.90 support level. As buyers and sellers battled for control of the aforementioned level, the price retested $0.93 on March 15; at this time, it has broken past the $0.90 and $0.89 levels and is confronting the $0.88 level.
The 9-period EMA has crossed the downside of the 21-period EMAs, and USDCHF is currently trading below the two EMAs. A bearish market is indicated by the Relative Strength Index period 14 at 34 levels. In case sellers exert enough pressure, the $0.88 barrier level might be broken, and the falling trend might carry on to the $0.87 and $0.86 levels. The price may breach the $0.89 resistance level and rise toward the $0.90 and $0.91 resistance levels if buyers hold the $0.88 support level.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish in the medium-term outlook. Upon reaching $0.93, a double top chart pattern emerged. It suggests a market that is gloomier. The trend for the currency pair shifts downward. In response to the sellers’ intervention, the price fell until it contacted the $0.90 support level. In the vicinity of the $0.93 resistance level, buyers tried to drive the price higher. The price decreased to the support level of $0.88 and it is challenging for buyers at the moment.
The 9-period EMA remains below the 21-period EMA. The USDCHF is currently trading between the two EMAs, indicating a bullish reversal or pullback market. The signal line on the Relative Strength Index period 14 is displaying a bullish direction at the 42 levels.
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