USDCHF Price Is Retesting $0.80 Support Level

Bullish reversal envisaged at $0.80 point

USDCHF Price Analysis –14 June

The price may rise above $0.83 and get closer to the $0.84 hedging scenario if the buying impulse can hold above the $0.82 resistance position. If merchandisers put in enough effort to move the price from $0.81 to $0.80, they can still lower it to $0.79.

Key Levels:

Resistance levels: $0.82, $0.83, $0.84

Support levels: $0.81, $0.80, $0.79

USDCHF Long-term trend: Bearish

For over a month, the USDCHF map has been on a downward trend. Customers have been able to match the significant demand for USDCHF since the price launched at $0.84 a few weeks ago. Merchandisers have controlled the USDCHF market since February 25. A few days ago, the value of the two currencies was $0.83. At the first recommended position, a bearish engulfing candle pattern was visible. In addition, the price started to drop by less than $0.83. The bearish harami candle pattern was observed to have emerged at the first anticipated support level. The current target price is $0.80 as a result of its negative turnaround.

A negative trend impetus is indicated by the USDCHF exchange rate’s present position below the Hull Suite. The forex signal QQE MOD, which is located below the zero line, indicates price falls. The price may rise above $0.83 and get closer to the $0.84 hedging scenario if the buying impulse can hold above the $0.82 resistance position. If merchandisers put in enough effort to move the price from $0.81 to $0.80, they can still lower it to $0.79.

USDCHF Medium-term Trend: Bearish

The USDCHF has a notably weaker medium-term prognosis. Because of the hear and shoulder candle pattern close to the $ 0.84 hedging position, the currency brace was under negative pressure a few days prior. The price attempted, but failed, to break up at $0.84 on April 25 when an inner bar candle pattern emerged. The price started to go down as one went south. Right now, the price is $0.80. However, if bulls can break below the previously anticipated barrier of $0.81, the market may move above $0.82.

A bull market is underway when the currency brace rises above the Hull Suite signal. If the QQE MOD is greater than zero, it is advised to offer anything for a purchase trade.