USDCHF Price Is Targeting $0.83 Line

USDCHF market remains under sellers

USDCHF Price Analysis – 04 April

If the purchasing momentum can sustain above the $0.85 resistance position, USDCHF can rise above $0.86 and approach the $0.87 hedging levels. Merchandisers can, however, cut the price below $0.84 if sellers work hard enough to move the price from the $0.83 to the $0.82 mark.

 

Key Levels:

Resistance levels: $0.85, $0.86, $0.87

Support levels: $0.84, $0.83, $0.82

USDCHF Long-term trend: Bearish

The USDCHF chart has been trending downward over the past week. Clients have profited from the strong USDCHF market since the price first appeared at $0.91 three weeks ago. As of February 25, sellers have been in charge of the USDCHF market. The two currencies were worth $0.86 a few days ago. A bearish engulfing candle pattern was evident at the first suggested level. The price then began to decline by over $0.85. At the previously noted resistance level, the bearish harami candle pattern was observed to appear. At the moment, $0.83 is the target price.

The USDCHF exchange rate is currently below the Hull Suite, indicating a bearish reversal impulse. Price decreases are indicated by the forex signal QQE MOD, which is skewed below the zero line. If the purchasing momentum can sustain above the $0.85 resistance position, the price can rise above $0.86 and approach the $0.87 hedging levels. Merchandisers can, however, cut the price below $0.84 if sellers work hard enough to move the price from the $0.83 to the $0.82 mark.

 

USDCHF Medium-term Trend: Bearish

The medium-term forecast for the USDCHF is noticeably negative. A few days prior, the currency pair had experienced a bearish pressure due to a double top candle formation near the $0.91 barrier level. On March 25, the price successfully tried to break up at $0.88 when an inner bar candle pattern appeared. In the direction of the south, the price started to fall. The price is currently at $0.84. If bears are able to break through the previously mentioned barrier, the price can decrease to $0.83.

When the currency pair fall below the Hull Suite signal, it is considered to be in a bear market. If the QQE MOD is lower than zero, it is recommended to offer anything for sale.

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