USDCHF Price May Bounce Off Resistance Level of $0.97

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.