USDCHF Price Is Breaking Up Resistance Level of $0.97 Resistance Level

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USDCHF Price Analysis – July 08

When the resistance level of $0.97 holds, bearish momentum may increase, USDCHF price may bounce off the level, then, 0.96 levels may be reached and it may decline to $0.95 and $0.94 level.  Should the bears break down the support level of $0.96, the price may decrease towards $0.95, and $0.94 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.97, $0.98, $0.99

Support levels: $0.96, $0.95, $0.94

USDCHF Long-term trend: Bullish

USDCHF is bullish on the long-term outlook. The currency pair was under the control of sellers last week. The price reach the low of $0.95 level. The sellers’ momentum reduces and the bulls gain more pressure to push up the price. More daily bullish candles were produced and the price soars towards north side. The former resistance level of $0.96 has been broken upside trying to break up resistance level of $0.97.

USDCHF is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish movement or price increment. The Relative Strength Index period 14 is at 58 levels bending up to indicate buy signal. When the resistance level of $0.97 holds, bearish momentum may increase, USDCHF price may bounce off the level, then, 0.96 levels may be reached and it may decline to $0.95 and $0.94 level.  Should the bears break down the support level of $0.96, the price may decrease towards $0.95, and $0.94 levels.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. The price found resistance at $1.00 level on 15 July. The price reversed and break down former support levels of $0.98 and $0.97. Sellers pushed the USDCHF to the support level $0.95. The bulls’ momentum failed and the price is currently increasing towards $0.98 level.

The 9 period EMA has crossed the 21 periods EMA upside. USDCHF is trading above the two EMAs as the price is increasing. The Relative Strength Index period 14 is at 71 levels with signal line showing bullish 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.