USDCHF Price Is Breaking Down $0.88 Support Level

Bears’ momentum increases in USDCHF market

USDCHF Price Analysis – 24 November

USDCHF may advance past the $0.89 resistance level and toward the $0.90 barrier level if the buying momentum is able to break over the $0.88 resistance level. Sellers may be able to push the price past the $0.87 barrier and into the $0.86 and $0.85 zones if they exert sufficient pressure.

USDCHF Market

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 has a bearish trend. The USDCHF is currently being controlled by sellers, and it is declining. It is effortlessly surpassing the $0.90 threshold. Buyers have been in control of the USDCHF market since October 24. After breaking through the $0.88 resistance level, the price of the currency pair started to increase. A powerful bearish engulfing candle pattern appeared on November 1 at the $0.90 resistance level, indicating the start of a downward trend. The $0.88 support level is penetrated downside and the price is exposed to $0.87 at the moment.

The present USD/CHF exchange rate is below both the 9- and 21-period moving averages, suggesting that the momentum of the vendors is strengthening. A bearish market is indicated by the Relative Strength Index period 14 at 34 levels. The price may advance past the $0.89 resistance level and toward the $0.90 barrier level if the buying momentum is able to break over the $0.88 resistance level. Sellers may be able to push the price past the $0.87 barrier and into the $0.86 and $0.85 zones if they exert sufficient pressure.

USDCHF Medium-term Trend: Bearish

The medium-term trend indicates that USDCHF is falling. On October 4, the emergence of a double-top chart pattern near the $0.92 resistance level signaled the start of a downward trend for the currency pair. Bearish candles are an indicator of the state of the market. On October 24, the $0.89 support level was put to the test. It dropped back down to $0.90. Currently, the $0.88 support level is being tested as sellers are in control.

The currency pair is trading below both the 9- and 21-period exponential moving averages, indicating a bearish market. The period 14 signal line of the Relative Strength Index is pointing to a sell when the index is at 44.

You can purchase Lucky Block here. Buy LBLOCK