Bulls’ pressure may increase in USDCHF market
USDCHF Price Analysis – 18 April
If the purchasing momentum can sustain above the $0.82 resistance position, USDCHF can rise above $0.83 and approach the $0.84 hedging levels. Merchandisers can, however, cut the price below $0.79 if sellers work hard enough to move the price from $0.81 to $0.80.
Key Levels:
Resistance levels: $0.82, $0.83, $0.84
Support levels: $0.81, $0.80, $0.79
USDCHF Long-term trend: Bearish
The USDCHF chart has been trending downward over the past week. Clients have profited from the strong USDCHF market since the price first appeared at $0.84 three weeks ago. Since February 25, sellers have dominated the USDCHF market. The two currencies were worth $0.83 a few days ago. A bearish engulfing candle pattern was evident at the first suggested level. The price then began to decline by over $0.83. At the previously noted support level, the bearish harami candle pattern was observed to appear. At the moment, $0.81 is the target price.
The USDCHF exchange rate is currently below the Hull Suite, indicating a bearish trend impulse. Price decreases are indicated by the forex signal QQE MOD, which is skewed below the zero line. If the purchasing momentum can sustain above the $0.82 resistance position, the price can rise above $0.83 and approach the $0.84 hedging levels. Merchandisers can, however, cut the price below $0.79 if sellers work hard enough to move the price from $0.81 to $0.80.
USDCHF Medium-term Trend: Bearish
The medium-term forecast for the USDCHF is noticeably dismal. A few days prior, the currency pair was under bearish pressure due to a double top candle pattern near the $0.91 barrier level. On March 25, the price successfully tried to break up at $0.88 when an inner bar candle pattern appeared. As one moved south, the price began to drop. The price is $0.81 at the moment. If bears are able to breach the previously indicated barrier, the price can fall to $0.80.
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