An increase in the Bulls’ momentum will increase the USDCHF price which may break up the resistance level at $0.927, then, 0.931 levels may be reached and it may extend to $0.94 level. Should the bears break down the support level of $0.927, then, $0.922 and $0.917 level may be tested.
USDCHF Market
Key Levels:
Resistance levels: $0.931 $0.935, $0.94
Support levels: $0.927, $0.922, $0.917
USDCHF Long-term trend: Bullish
USDCHF is bullish on the long-term outlook. The currency pair was bearish last week. The support level of $0.917 was tested on February 02. The bears could not break down the mentioned level. A bullish engulfing candle formed and the price started increasing towards the resistance level of $0.927. The buyers are making attempt to break up the just mentioned level. There is tendency for the price to continue increasing.
The currency pair is trading above the two EMAs. The 9 periods EMA remains above the 21 periods EMA which indicate that bulls are in charge of the market. The Relative Strength Index period 14 is above 50 levels bending up to indicate buy signal. An increase in the Bulls’ momentum will increase the USDCHF price which may break up the resistance level at $0.927, then, 0.931 levels may be reached and it may extend to $0.94 level. Should the bears break down the support level of $0.927, then, $0.922 and $0.917 level may be tested.
USDCHF Medium-term Trend: Ranging
USDCHF is ranging in the medium-term outlook. The currency pair started a ranging movement last week when the bears’ momentum could not break down the support level of $0.927 and at the same time the bulls’ strength became weak. The currency pair continue to engage in a ranging movement within $0.931 and $0.927 levels.
The 9 period EMA is above the 21 periods EMA, USDCHF is trading above the two EMA. Meanwhile, the Relative Strength Index period 14 is above 50 levels with signal line pointing down indicating a sell signal.
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