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Bears may take over the USDCHF market
USDCHF Price Analysis –15 September
USDCHF may rise past the $0.89 resistance level and toward the $0.90 and $0.91 resistance levels if buyers’ momentum is effective in holding the $0.88 support level. The $0.88 barrier level can be breached if sellers exert enough pressure, which would result in a major price decline 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: Bullish
USDCHF is bullish on the daily chart. The USDCHF is currently retracting and finding it difficult to rise over the $0.89 limit. Since July, buyers have been dominating the USDCHF market. The previous support level of $0.87 was broken by the price. At $0.85, it gradually became stable, and the price increased. On August 20, more buyers exerted pressure on the price, breaking through the $0.86, $0.87, and $0.88 resistance levels. The USDCHF is finding it difficult to get past the $0.89 ceiling.
The fact that the USD/CHF is currently above the 9- and 21-period EMAs suggests that buyers’ momentum is gaining strength. A bullish market is indicated by the Relative Strength Index period 14 at 66 levels. USDCHF may rise past the $0.89 resistance level and toward the $0.90 and $0.91 resistance levels if buyers’ momentum is effective in holding the $0.88 support level. The $0.88 barrier level can be breached if sellers exert enough pressure, which would result in a major price decline into the $0.87 and $0.86 levels.
USDCHF Medium-term Trend: Bullish
The medium-term forecast for USDCHF is optimistic. The double bottom chart pattern that developed at the $0.85 support level signaled the beginning of a bullish trend. The market generates bullish candles. The previous resistance level for the $0.87 currency pair has turned to a support level. At the $0.88 resistance level, the upward break took place. The cost could rise to $0.89 or more.
Indicating a bullish market, the currency pair is trading above both the 9-period EMA and the 21-period EMA. The signal line of the Relative Strength Index period 14 is heading up, indicating a buy and the index is at 61.
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