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Buyers’ momentum increases in USDCHF market
USDCHF Price Analysis – 25 August
When buyers’ momentum is successful in holding the $0.87 support level, the price may increase past the $0.88 resistance level and toward the $0.89 and $0.90 resistance levels. If sellers apply enough pressure, the $0.87 barrier level can be broken, which would cause the price to fall considerably lower into the $0.86 and $0.85 levels.
USDCHF Market
Key Levels:
Resistance levels: $0.88, $0.89, $0.90
Support levels: $0.87, $0.86, $0.85
USDCHF Long-term trend: Bullish
USDCHF is bullish on the daily chart. The USDCHF market was dominated by sellers throughout the previous month. The price breached the last support level of $0.87. The price came under more seller pressure on July 13 and twice tested the $0.85 mark. A bullish movement resulted from the appearance of a double-bottom chart pattern. The previous two weeks saw a break of the $0.86 resistance level. The $0.88 ceiling is proving to be difficult for USDCHF to overcome.
The price of USD/CHF is currently above the 9- and 21-period EMAs indicating that buyers’ momentum is accelerating. The Relative Strength Index period 14 at 59 levels indicates a bullish market. If buyers’ momentum is successful in holding the $0.87 support level, USDCHF may increase past the $0.88 resistance level and toward the $0.89 and $0.90 resistance levels. If sellers apply enough pressure, the $0.87 barrier level can be broken, which would cause the price to fall considerably lower into the $0.86 and $0.85 levels.
USDCHF Medium-term Trend: Bullish
USDCHF is on a bullish movement in the medium-term outlook. A bullish movement was sparked by the double-bottom chart pattern that was produced at the $0.85 support level. Bullish candles are produced by the market. The $0.87 currency pair’s former resistance level has changed to a support level. The upward break occurred at the $0.88 resistance level. The price can increase past the $0.88 mark.
As a sign of a bullish market, the currency pair is trading above both the 9-period EMA and the 21-period EMA. With its signal line going upward to imply a buy, the Relative Strength Index period 14 is at 58.
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