Bulls may dominate USDCHF market soon
USDCHF Price Analysis –30 December
USDCHF will break through the $0.93 level and go up toward the resistance levels of $0.94 and $0.95 if buyers apply additional pressure and defend the $0.92 support level. In case the sellers apply further pressure, the $0.92 support level may be breached on the downside, and the negative trend may 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: Bearish
The outlook for USDCHF over the long run is bearish. In the daily time frame, the bearish movement from the last two weeks is still present. On December 14, the price fell and tested the support level of $0.92 as a result of heightened seller pressure that caused the support level of $0.93 to be breached. The price rose the next day as a result of the purchasers’ increased strength, and at the moment, the $0.92 support level is being tested.
The 9-period EMA is below the 21-period EMA, and USDCHF is trading below the two EMAs in close contact. A bullish market direction is indicated by the Relative Strength Index period 14 being at 37 levels and leaning upward. Price will break through the $0.93 level and go up toward the resistance levels of $0.94 and $0.95 if buyers apply additional pressure and defend the $0.92 support level. In case the sellers apply further pressure, the $0.92 support level may be breached on the downside, and the negative trend may carry on to the $0.91 and $0.90 levels.
USDCHF Medium-term Trend: Ranging
USDCHF is ranging in the medium-term outlook. The price was driven by the bears to the $0.92 support level on 14 December, which has a significant chance of reversal. It appears that the sellers’ push is steadily reducing while the bulls’ impetus is waning. The price is currently attempting to overcome the $0.92 level of support.
The 9-period EMA is currently below the 21-period EMA. USDCHF is trading below the two EMAs as the bearish movement signal. However, the Relative Strength Index period 14 is at 44 levels with a signal line showing a bullish direction.
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