USDCHF Price Heading Towards $0.969 Resistance Level

Updated:

USDCHF Price Analysis – August 19

In case the Bulls’ momentum increase, USDCHF price may break up the resistance level at $0.969, then, 0.977 levels may be reached and it may incline to $0.988 level. Should the bulls lose momentum at the resistance level of $0.969, bears may return to the market and the price may decrease towards $0.953, $0.947 and $0.939 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.969, $0.977, $0.988

Support levels: $0.953, $0.947, $0.939

USDCHF Long-term trend: Bullish

USDCHF is bullish on the long-term outlook. Last week, the currency pair was bearish to the extent that the support level of $0.939 was tested. A grave stone doji candle formed which indicate a sign of bullish reversal. The market of this concluding week was open by the influx of bulls’ momentum. The price change direction and the price steadily increased. The former resistance levels of $.947 and $0.953 was penetrated, exposing the price to $0.969 resistance level.

USDCHF is trading above the two EMAs at close contact. The 9 periods EMA is trying to cross the 21 periods EMA upside. The Relative Strength Index period 14 is at 52 levels pointing upside to indicate bullish market direction. In case the Bulls’ momentum increase, USDCHF price may break up the resistance level at $0.969, then, 0.977 levels may be reached and it may incline to $0.988 level. Should the bulls lose momentum at the resistance level of $0.969, bears may return to the market and the price may decrease towards $0.953, $0.947 and $0.939 levels.

 USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. He pressure from the bears made the price to decrease to the low support level at $0.947. Bulls defended the just mentioned level and the price bounced. Bulls dominate the market and the price increase accordingly. The price is currently targeting the resistance level of $0.969.

The 9 periods EMA has crossed the 21 periods EMA upside as a sign of bullish market. USDCHF is trading above the two EMAs. Meanwhile, the Relative Strength Index period 14 is at 63 levels with signal line pointing up to indicate buy signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.