USDCHF Price Is Testing $0.88 Support Level

Sellers dominate USDCHF market

USDCHF Price Analysis – 17 November

If the purchasing momentum is successful in breaking over the $0.89 resistance level, USDCHF can move past the $0.90 resistance level and in the direction of the $0.91 barrier levels. If sellers put in enough pressure, they might break through the $0.88 barrier level, which would send the price down into the $0.87 and $0.86 levels

USDCHF Market

Key Levels:

Resistance levels: $0.89, $0.90, $0.91

Support levels: $0.88, $0.87, $0.86

USDCHF Long-term trend: Bearish

The daily chart of USDCHF is bearish. Sellers are currently in charge of the USDCHF, and it is falling. It is easily breaking through the $0.91 barrier. Since October 24, buyers have been in charge of the USDCHF market. The currency pair’s price began to rise once it overcame the $0.88 resistance level. On November 01, at the $0.90 resistance level, a strong bearish engulfing candle pattern emerged, signaling the beginning of a downward trend. The USDCHF is currently testing $0.88 support level.

USD/CHF exchange rate is currently below between the 9- and 21-period moving averages, indicating a strengthening of the vendors’ momentum. The Relative Strength Index period 14 at 36 levels indicates a bearish market. If the purchasing momentum is successful in breaking over the $0.89 resistance level, the price can move past the $0.90 resistance level and in the direction of the $0.91 barrier levels. If sellers put in enough pressure, they might break through the $0.88 barrier level, which would send the price down into the $0.87 and $0.86 levels.

USDCHF Medium-term Trend: Bearish

As seen in the medium term, USDCHF is declining. The beginning of a negative trend for the currency pair was indicated on October 4 by the appearance of a double top chart pattern close to the $0.92 resistance level. Bearish candles are a representation of the market environment. The $0.89 support level was tested on October 24. It retreated to the $0.90 level. Right now, the sellers are dominating and the $0.88 support level is being tested.

A bearish market is indicated by the fact that the currency pair is trading below both the 21- and 9-period exponential moving averages. With the index at 30, the Relative Strength Index’s period 14 signal line is indicating a sell.

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