USDCHF Price: Inverted Head and Shoulder Chart Pattern Formation, Bullish Trend Commences

Bulls are dominating USDCHF market

USDCHF Price Analysis – 17 February

In case buyers maintain their pressure and hold the $0.92 support level, USDCHF may break through the $0.93 resistance level and rise toward the $0.94 and $0.95 resistance levels. The $0.92 barrier level may be broken if the sellers apply more pressure, and the bearish trend may continue to the $0.91 and $0.90 levels

USDCHF Market

Key Levels:

Resistance levels: $0.93, $0.94, $0.95

Support levels: $0.92, $0.91, $0.90

USDCHF Long-term trend: Bearish

USDCHF is on a bullish movement on the Long-term outlook. It is clearly seen on the daily chart, the formation of an inverted head and shoulder pattern. Last week, the price dropped through the prior support levels of $0.93 and $0.92 as the selling momentum grew. When the price attempted to drop under the $0.90 support, buyers were able to oppose sellers and move the price past the $0.92 resistance level. The USDCHF market is likely to be dominated by buyers next week.

USDCHF is trading above the two EMAs and the 9-period EMA crossing 21-period EMAs upwards. The Relative Strength Index period 14 at 59 levels shows a positive market trend. In case buyers maintain their pressure and hold the $0.92 support level, the price may break through the $0.93 resistance level and rise toward the $0.94 and $0.95 resistance levels. The $0.92 barrier level may be broken if the sellers apply more pressure, and the bearish trend may continue to the $0.91 and $0.90 levels.

  USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. The formation of an inverted head and shoulder chart pattern triggers a bullish trend in the USDCHF market. Three weeks ago, sellers stopped purchasers, causing the price to fall until it reached the support level of $0.90 on February 1^st when the price was climbing near the $0.93 resistance level. The bulls were able to take over the USDCHF market.  Currently, it is pressing hard on $0.93 resistance level.

The 9-period EMA is above the 21-period EMA. The USDCHF is currently trading above the two EMAs, indicating bullish momentum. The signal line on the Relative Strength Index period 14 is displaying a bullish direction at the 72 levels.

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