USDCHF Price: Head and Shoulder Chart Pattern at $0.89 Level

Bearish reversal at $0.89 level

USDCHF Price Analysis – 29 November

If the buying momentum can sustain over the $0.88 resistance level, the price can move above $0.89 and approach the $0.90 barrier levels. If sellers exert sufficient pressure, they can drive the price below $0.87 and into the $0.86 and $0.85 ranges.

Key Levels:

Resistance levels: $0.88, $0.89, $0.90

Support levels: $0.87, $0.86, $0.85

USDCHF Long-term trend: Bearish

The USDCHF daily chart is trending downward. Customers profited from last week’s strong USDCHF market when the price broke up at $0.88. The USDCHF market was under buyers’ control as of September 24. The price of the currency pair was $0.89 for last week. Near the first suggested level, there was a bearish engulfing candle pattern. At that moment, the price jumped down to $0.87. Two tests of the previously defined resistance level signaled the beginning of the bearish trend. At the moment, it is approaching the $0.87 threshold.

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The USDCHF exchange rate is currently below the Hull Suite, indicating a negative reversal impulse. Price decreases are indicated by the forex signal QQE MOD, which is skewed below the zero line. If the buying momentum can sustain over the $0.88 resistance level, the price can move above $0.89 and approach the $0.90 barrier levels. If sellers exert sufficient pressure, they can drive the price below $0.87 and into the $0.86 and $0.85 ranges.

USDCHF Medium-term Trend: Bearish

The medium-term outlook for the USDCHF is clearly unfavorable. The currency pair had risen a few days earlier due to a bullish engulfing candle pattern close to the $0.86 barrier level. On November 22, the price made yet another unsuccessful attempt to break above $0.89. The price is currently closer to $0.87.

.89 Level" width="1281" height="573" data-lazy-src="https://learn2.trade/wp-content/uploads/2024/11/4-hours-88.png"/> When the currency pair trades below the Hull Suite signal, it indicates a bearish market. If the QQE MOD is lower than zero, it is recommended to offer anything for sale.

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