USDCHF Price Is Breaking Up Resistance Level of $0.97, Targeting $0.98 Resistance Level

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USDCHF Price Analysis – September 30

When the resistance level of $0.98 holds, bearish momentum may increase, USDCHF price may bounce off the level, then, 0.97 levels may be reached and it may decline to $0.96 and $0.95 level.  Should the bulls break up the resistance level of $0.98, the price may increase towards $0.99, and $1.00 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.98, $0.99, $1.00

Support levels: $0.97, $0.96, $0.95

USDCHF Long-term trend: Bullish

USDCHF is bullish on the long-term outlook. The currency pair was under the control of buyers last week. The price reach the high of $0.99 level. The buyers’ momentum reduces and the sellers gain more pressure to push down the price with formation of strong daily bearish candle. More daily bearish candles were produced and the price pulled back to $0.97 level. The former support level of $0.98 has been broken downside. At the moment, Bulls are returning in to the market.

 

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 57 levels bending up to indicate buy signal. When the resistance level of $0.98 holds, bearish momentum may increase, USDCHF price may bounce off the level, then, 0.97 levels may be reached and it may decline to $0.96 and $0.95 level.  Should the bulls break up the resistance level of $0.98, the price may increase towards $0.99, and $1.00 levels.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. The price found resistance at $0.99 level on 26 September. The price reversed and break down former support levels of $0.98 and $0.97. Sellers pushed the USDCHF to the support level $0.97. The bears’ 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 49 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.