USDCHF Price Is Retracing When It Hits $0.83 Level

Bearish momentum decreases in USDCHF market

USDCHF Price Analysis – 29 December

If the buying momentum can break above the $0.84 resistance level, the price can move past the $0.85 resistance level and approach the $0.86 barrier levels. If sellers apply enough pressure, they might be able to drive USDCHF past the $0.83 mark and into the $0.82 and $0.81 ranges.

USDCHF Market

Key Levels:

Resistance levels: $0.84, $0.85, $0.86

Support levels: $0.83, $0.82, $0.81

USDCHF Long-term trend: Bearish

There is a downward trend on the USDCHF daily chart. Sellers were in charge of the USDCHF market, which was dropping. It’s not quite as much as $0.89. The USDCHF market has been under seller control since October 24. The price of the currency pair jumped over the $0.90 support level. On November 1, near the $0.90 resistance level, a bearish engulfing candle pattern first emerged, signaling the beginning of a decline. The price eventually found support at $0.83, and it is currently falling and applying considerable pressure on the mentioned level.

Given that the USD/CHF exchange rate is currently below the 21- and 9-period moving averages, it appears that sellers are becoming more powerful. The Relative Strength Index period 14 at 24 levels indicates a bearish market. If the buying momentum can break above the $0.84 resistance level, USDCHF can move past the $0.85 resistance level and approach the $0.86 barrier levels. If sellers apply enough pressure, they might be able to drive the price past the $0.83 mark and into the $0.82 and $0.81 ranges.

USDCHF Medium-term Trend: Bearish

The medium-term trends indicate a decline in the USDCHF. On October 4, the currency pair started to fall when a double top chart pattern emerged near the $0.92 resistance level. On December 3, the price dropped and then steadied at $0.86. A bearish daily bar developed, and the market sank in an attempt to breach the current $0.83 support level.

The currency pair’s trading below both the 9- and 21-period exponential moving averages indicates a bearish market. The Relative Strength Index’s period 14 signal line suggests selling when the index hits the 22 level.

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