Bulls are in control of USDCHF market
USDCHF Price Analysis – 24 February
USDCHF may cross the $0.93 resistance level and climb toward the $0.94 and $0.95 resistance levels if buyers keep up their pressure and hold the $0.92 support level. If the sellers exert pressure, the $0.92 barrier level might be breached, and the bearish trend might carry on 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: Bullish
USDCHF is on a bullish movement on the Long-term outlook. The formation of an inverted head and shoulder chart pattern is an indication that buyers are ready to dominate the USDCHF market. Buyers opposed the sellers at a $0.90 support level when the price dropped through the support level of $0.91. 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 dominated by buyers and the price is trying to break up $0.93 resistance level at the moment.
The 9-period EMA has crossed the 21-period EMAs upward and the USDCHF is trading above the two EMAs. A bullish market trend is indicated by the Relative Strength Index period 14 at 65 levels. The price may cross the $0.93 resistance level and climb toward the $0.94 and $0.95 resistance levels if buyers keep up their pressure and hold the $0.92 support level. If the sellers exert pressure, the $0.92 barrier level might be breached, and the bearish trend might carry on to the $0.91 and $0.90 levels
USDCHF Medium-term Trend: Bullish
USDCHF is bullish in the medium-term outlook. The USDCHF market enters a bullish trend when an inverted head and shoulder chart pattern forms. On January 31st, when the price was rising close to the $0.93 resistance level, sellers interrupted buyers, forcing the price to decline until it reached the $0.90 support level. The USDCHF market was successfully dominated by the bulls. It is currently making a lot of pressure on the $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 65 levels.
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