USDCHF Price Is Under Bearish Pressure

Further Price declination is possible

USDCHF Price Analysis – 06 December

The price can rise above $0.89 and get closer to the $0.90 barrier levels if the purchasing momentum can hold above the $0.88 resistance level. Sellers can push the price below $0.87 and into the $0.86 and $0.85 regions if they apply enough pressure.

Key Levels:

Resistance levels: $0.88, $0.89, $0.90

Support levels: $0.87, $0.86, $0.85

USDCHF Long-term trend: Bearish

The daily USDCHF chart is showing a declining trend. When the price broke up at $0.88 last week, customers took advantage of the robust USDCHF market. As of September 24, buyers controlled the USDCHF market. Last month, the currency pair’s price was $0.89. There was a bearish engulfing candle pattern close to the first recommended level. Just then, the price plummeted to $0.87. The start of the negative trend was indicated by two tests of the previously established resistance level. It is currently getting close to the $0.87 mark.

 

A negative reversal impulse is indicated by the USDCHF exchange rate’s present position below the Hull Suite. The forex signal QQE MOD, which is tilted below the zero line, indicates price declines. The price can rise above $0.89 and get closer to the $0.90 barrier levels if the purchasing momentum can hold above the $0.88 resistance level. Sellers can push the price below $0.87 and into the $0.86 and $0.85 regions if they apply enough pressure.

USDCHF Medium-term Trend: Bearish

It is evident that the USDCHF has a poor medium-term prognosis. A bearish engulfing candle pattern near the $0.86 barrier level had caused the currency pair to decline a few days prior. The price made another successful attempt to break below $0.88 on November 22. Right now, the price is closer to $0.87.

A bearish market is indicated when the currency pair trades below the Hull Suite signal. Offering anything for sale is advised if the QQE MOD is less than zero.

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