USDCHF Price May Bounce Off Resistance Level of $0.97

Updated:

USDCHF Price Analysis – April 29

When the resistance level of $0.97 holds, bullish momentum may decrease, USDCHF price may bounce off the level, then, 0.96 levels may be reached and it may decline to $0.95 level. Should the bulls break up the resistance level of $0.97, the price may increase towards $0.98, and $0.99 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.97, $0.98, $0.99

Support levels: $0.96, $0.95, $0.94

USDCHF Long-term trend: Bullish

USDCHF is bullish on the long-term outlook. The bulls continue to hold unto the USDCHF market since the breakout from the descending channel at $0.92. Strong bullish candles were produced and the currency pair increases towards the resistance level of $0.95. The just mentioned resistance level could not hold the price. It increased and broke up the former resistance level of $0.96. It is currently moving towards the resistance level of $0.97. Further price increase envisaged.

The 9 periods EMA has crossed the 21 periods EMA upside. USDCHF is trading above the two EMAs at a distance. The Relative Strength Index period 14 is at 79 levels bending down to indicate bearish market direction. When the resistance level of $0.97 holds, bullish momentum may decrease, USDCHF price may bounce off the level, then, 0.96 levels may be reached and it may decline to $0.95 level. Should the bulls break up the resistance level of $0.97, the price may increase towards $0.98, and $0.99 levels.

 USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. The currency pair continues making higher highs, higher lows after the breakout from the descending channel formed by the price action last two weeks on the 4-hour chart. The price increases steadily and broke up resistance levels of $0.96 and $0.95.

The price is increasing as the bulls’ momentum increases. The 9 period EMA remains above the 21 periods EMA as a sign of bullish market. USDCHF is trading above the two EMAs. Meanwhile, the Relative Strength Index period 14 is at 67 levels with signal line pointing up to indicate buy signal.

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.