USDCHF Price Is Struggling to Break Up $0.935 Level

USDCHF Price Analysis – April 08

When Bullish momentum increase, USDCHF price may break up the resistance level at $0.935, then, 0.939 levels may be reached and it may incline to $0.943 level. Should the bears defend the resistance level of $0.935, the price may decrease towards $0.932, $0.927 and $0.922 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.935, $0.939, $0.943

Support levels: $0.932, $0.927, $0.922

USDCHF Long-term trend: Bullish

USDCHF is bullish on the long-term outlook. The currency pair could not continue the bearish movement when it tested the support level of $0.922. It changed direction with formation of strong bullish candles. The price increases and broke up the former resistance levels of $0.927 and $0.932. It is currently increasing towards and trying to break up the resistance level of $0.935.

USDCHF is trading above the two EMAs at a distance. The 9 periods EMA is crossing the 21 periods EMA upside. The Relative Strength Index period 14 is at 59 levels bending up to indicate bullish market direction. When Bullish momentum increase, USDCHF price may break up the resistance level at $0.935, then, 0.939 levels may be reached and it may incline to $0.943 level. Should the bears defend the resistance level of $0.935, the price may decrease towards $0.932, $0.927 and $0.922 levels.

 USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. The price action formed a descending channel last week on the 4-hour chart. When the price reached support level of $0.927, the bears’ momentum failed. The bulls gained more pressure and broke up the upper trend line on the channel. The price is struggling to break up the resistance level of $0.935.

The 9 period EMA remains above the 21 periods EMA as a sign of bullish market. USDCHF is trading above the two EMAs. Meanwhile, the Relative Strength Index period 14 is at 68 levels with signal line pointing up to indicate buy signal.