USDCHF Price Maintains a Downward Trend

USDCHF market retests previous low level

USDCHF Price Analysis – 26 December

If buying pressure can hold above the $0.80 resistance level, the price may rise above $0.81 and approach the $0.82 hedging scenario. If traders push the price down from $0.79 to $0.78, it could continue to drop further to $0.77.

Key Levels:

Resistance levels: $0.80, $0.81 $0.82

Support levels: $0.79, $0.78, $0.77

USDCHF Long-term trend: Bearish

Over the last three days, the USDCHF chart has been moving downward. The price was at $0.84 about two months ago, and since then, there has been strong demand for USDCHF. Since March, the market for USDCHF has been influenced by traders. A few days ago, the exchange rate was at $0.81. At the first suggested entry point, a bearish engulfing candle pattern appeared, and the price fell to $0.80. The price has continued to decrease, and a bearish harami candle pattern was also observed near the first expected resistance level. The current target price is $0.79, due to the strong reversal seen on the chart.

There is a bearish momentum as the USDCHF exchange rate is currently below the Hull Suite. The forex signal QQE MOD, which is below the zero line, indicates a declining trend. If buying pressure can hold above the $0.80 resistance level, the price may rise above $0.81 and approach the $0.82 hedging scenario. If traders push the price down from $0.79 to $0.78, it could continue to drop further to $0.77.

 

USDCHF Medium-term Trend: Bearish

The medium-term outlook for USDCHF is bearish. A few days ago, the twin top chart pattern at the $0.80 hedging level created downward pressure. On October 13 at $0.79, the price tried to break above the inner bar candle pattern, but the trend turned bearish afterward. The price has been declining, and the market may surpass the previously expected barrier at $0.79 if bulls can reach the $0.81 target. At this point, the bears are in control.

A bearish trend is confirmed when the currency pair crosses below the Hull Suite signal. If the QQE MOD is below zero, any selling pressure is considered negative.

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