USDCHF Price May Break Down $0.95 Support Level

USDCHF Price Analysis – June 24

Should the bears break down the support level of $0.95, the price may decrease towards $0.94, and $0.93 levels. When the support level of $0.95 holds, bullish momentum may increase, USDCHF price may bounce off the level, then, 0.96 levels may be reached and it may incline to $0.97 and $0.98 level.

USDCHF Market

Key Levels:

Resistance levels: $0.96, $0.97, $0.98

Support levels: $0.95, $0.94, $0.93

USDCHF Long-term trend: Bearish

USDCHF is bearish on the long-term outlook. The currency pair formed a double top chart pattern last two weeks. When the resistance level of $1.0 was tested second time on 14 June by the pressure of bulls. A bearish engulfing candle formed triggered bearish movement and the price obey the command. Strong bearish daily candles formed and the price decreases to $0.96 support level. The just mentioned level was broken downside, it is currently testing the support level of $0.95. USDCHF is trading below the two EMAs at a distance and the 9 periods EMA is bending towards the 21 periods EMA. The Relative Strength Index period 14 is at 29 levels bending down to indicate bearish market direction. Should the bears break down the support level of $0.95, the price may decrease towards $0.94, and $0.93 levels. When the support level of $0.95 holds, bullish momentum may increase, USDCHF price may bounce off the level, then, 0.96 levels may be reached and it may incline to $0.97 and $0.98 level.

USDCHF Medium-term Trend: Bearish

USDCHF is bearish in the medium-term outlook. When the buyers lose momentum at the resistance level of $1.00 two weeks ago. The price could not continue its increase. The sellers seize the opportunity and took over the market. Price declines toward the support level of $0.95. At the moment, price is testing the support level of $0.95.

The 9 period EMA has crossed the 21 periods EMA downside. USDCHF is trading below the two EMAs as the price is decreasing. The Relative Strength Index period 14 is at 33 levels with signal line showing bearish direction.

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