Bulls’ momentum may increase in USDCHF market
USDCHF Price Analysis – 05 May
The $0.88 barrier level may be broken if sellers apply enough pressure, and the downward trend may continue to the $0.87 and $0.86 levels. If buyers are able to hold the $0.88 support level, the price may advance past the $0.89 resistance level and upward toward the $0.90 and $0.91 resistance levels.
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
On the Long-term outlook, USDCHF is on a bearish movement. Recently, sellers started ruling the market. The price overcame the $0.93 resistance level. For a few days, it moved in all directions. In response to the formation of a bearish engulfing candle on March 9, the price declined to test the $0.90 support level. The price retested $0.93 on March 15 as sellers and buyers fought for control of the aforementioned level; at this time, it has broken past $0.90 and $0.89 and is probing the $0.88 level.
The price of USD/CHF is currently trading below the two EMAs since the 9-period EMA has crossed the fall line of the 21-period EMAs. The Relative Strength Index period 14 at 49 levels indicates a bearish market. The $0.88 barrier level may be broken if sellers apply enough pressure, and the downward trend may continue to the $0.87 and $0.86 levels. If buyers are able to hold the $0.88 support level, the price may advance past the $0.89 resistance level and upward toward the $0.90 and $0.91 resistance levels.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish in the medium-term outlook. The currency pair’s trend was ranging within the resistance level of $0.89 and support level of $0.88 level. A triple bottom chart pattern appeared at the $0.88 support level. It predicts a more bullish market. The price is inclining as a result of the buyers’ actions, approaching the $0.89 resistance level.
The 9-period EMA is trying to cross the 21-period EMA upside. The two exponential moving averages are currently below the USDCHF, indicating a market where the trend is changing to the upside. The period 14 signal line of the Relative Strength Index is trending upward at 51.
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