USDCHF Price Is Repelling From $0.84 Support Level

Bulls are dominating USDCHF market

USDCHF Price Analysis – 09 August

If the buying momentum can sustain over the $0.87 resistance level, the price can move above $0.88 and approach the $0.89 barrier levels. If sellers exert enough pressure, they can drive the price past $0.86 and into the $0.85 and $0.84 zones. USDCHF Market

Key Levels:

Resistance levels: $0.87, $0.88, $0.89

Support levels: $0.86m $0.85, $0.84

USDCHF Long-term trend: Bearish

The USDCHF daily chart is trending downward. Customers benefited from a bearish USDCHF market, but not by nearly as much as $0.87. The USDCHF market was under buyer control from May 1 to June 20. The price of the currency pair was almost precisely $0.921 a few weeks ago. Near the first suggested level, a bearish engulfing candle pattern was observed. Instantly, the price dropped to $0.88, signifying a significant loss. Two tests of the previously determined support level signaled the beginning of the bearish trend.

The USD/CHF exchange rate, which is currently less than the Hull Suite, indicates a negative reversal impulse. Price decreases are indicated by the forex signal QQE MOD, which is skewed below the zero line. If the buying momentum can sustain over the $0.87 resistance level, the price can move above $0.88 and approach the $0.89 barrier levels. If sellers exert enough pressure, they can drive the price past $0.86 and into the $0.85 and $0.84 zones.

USDCHF Medium-term Trend: Bullish

It becomes clear that the USDCHF is increasing over the medium run. A few days ago, the bullish engulfing candle pattern appeared near the $0.84 support level, which marked the beginning of the currency pair’s slide. Yesterday, there was another effort by the price to break through the $0.86 resistance level, but it managed to keep on course. Right now, the price is approaching $0.87.

The currency pair’s trading above the Hull Suite signal indicates a bullish market. If QQE MOD is more than zero, buying is recommended.

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