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Sellers’ pressure increase in USDCHF market
USDCHF Price Analysis – 14 July
USDCHF may advance past the $0.85 resistance level and toward the $0.86 and $0.87 resistance levels if buyers are successful in holding the $0.84 support level. The $0.84 barrier level might be broken if sellers exert enough pressure, continuing the move into the $0.83 and $0.82 levels.
USDCHF Market
Key Levels:
Resistance levels: $0.85, $0.86, $0.87
Support levels: $0.84, $0.83, $0.82
USDCHF Long-term trend: Bearish
On the daily chart, USDCHF is bearish. The USDCHF market has been dominated by sellers during the last three weeks. The price breached the former $0.87 support level. It traveled in all directions for a few days. The bearish engulfing candle that appeared on July 07 caused the price to fall and breached the $0.86 support level. The price again decline to $0.85 on July 13, when sellers increased their pressure. Currently, it is targeting the 2011 low.
The USD/CHF price is currently trading below the two EMAs as the 9-period EMA has crossed below the downside of the 21-period EMA. The Relative Strength Index period 14 at 20 levels indicates a bearish market. The price may advance past the $0.85 resistance level and toward the $0.86 and $0.87 resistance levels if buyers are successful in holding the $0.84 support level. The $0.84 barrier level might be broken if sellers exert enough pressure, continuing the move into the $0.83 and $0.82 levels.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish in the medium-term outlook. The currency pair was fluctuating between $0.89 and $0.90 levels last two weeks. The pressure of the sellers surpassed that of the buyers and the support level of $0.89 was penetrated. The sellers gain steam and the price decline accordingly toward the support level of $0.85. The just-mentioned level was breached and currently testing the $0.84 level.
It is possible to notice the downward crossover of the 9-period EMA and the 21-period EMA. The market has turned gloomy. The USDCHF is currently trading below the two exponential moving averages, indicating a bearish trend.
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