USDCHF Price: Is It a Bearish Reversal or a Pullback?

USDCHF Price Tests $0.88 Level and Pulls Back

USDCHF Price Analysis – 08 March

If the purchasing momentum can be sustained above the $0.88 resistance level, USDCHF can surpass the $0.89 resistance level and approach the $0.91 barrier level. If sellers exert enough pressure, they might be able to move the price past $0.86 and into the $0.85 and $0.84 ranges.

USDCHF Market

Key Levels:

Resistance levels: $0.88, $0.89, $0.91

Support levels: $0.86, $0.85, $0.84

USDCHF Long-term trend: Bullish

The daily chart of USDCHF is climbing. Sellers profited from a negative trend on the USDCHF market, but not by nearly as much as $0.84. Sellers have been in control of the USDCHF market since October 24. The price of the currency pair dropped as low as the $0.82 support level on December 28. Near the $0.83 support level, a bullish engulfing candle pattern first emerged, signaling the beginning of an upswing. All told, $0.86 was spent. It tested the resistance level of $0.88 and pull back. It is currently moving quickly in the direction of the $0.86 level as a retracement sign.

The fact that the current USD/CHF exchange rate is higher than the Hull Suite indicates a stronger propensity toward buying. Rising prices are indicated by the forex signals QQE MOD, which is rising over the zero line. If the purchasing momentum can sustain above the $0.88 resistance level, price can surpass the $0.89 resistance level and approach the $0.91 barrier levels. If sellers exert enough pressure, they might be able to move the price past $0.86 and into the $0.85 and $0.84 ranges.

USDCHF Medium-term Trend: Bullish

The medium-term patterns indicate that the USDCHF is bearish. On December 29, the currency pair began to rally as a double-bottom chart pattern appeared close to the $0.83 support level. On January 2, the price went up before stabilizing at $0.86. It has no issue at all rising beyond $0.86. Right now, the price is carrying out a retracement towards $0.86 support level, indicating a bearish movement.

The currency pair’s trading below the Hull Suite signal indicates a bearish market. Selling is suggested if the QQE MOD is lower than zero.

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