USDCHF Price May Break Up $0.96 Level to Target $0.97

USDCHF Price Analysis – August 16

Should the bulls break up the resistance level of $0.96, the price may increase towards $0.97, and $0.98 levels. When the resistance level of $0.96 holds, bearish momentum may increase, USDCHF price may bounce off $0.96 level, then, 0.95 levels may be reached and it may decline to $0.94 and $0.93 levels.

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. On August 11, the currency pair reached the low of $0.93 support level. It was difficult to break down the just mentioned level. The mentioned level was defended by the bulls when buyers gained momentum. A strong daily bullish engulfing candle were produced and price increases. The bullish pressure increases and price incline to $0.98 level. Sellers opposed the price increase and the price fall to the previous low at $0.94 level. It is currently pulling back.

USDCHF is currently trading below the two EMAs and the 9 periods EMA remains below the 21 periods EMA. The Relative Strength Index period 14 is at 48 levels bending up to indicate bullish market direction. Should the bulls break up the resistance level of $0.96, the price may increase towards $0.97, and $0.98 levels. When the resistance level of $0.96 holds, bearish momentum may increase, USDCHF price may bounce off $0.96 level, then, 0.95 levels may be reached and it may decline to $0.94 and $0.93 levels.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. Bullish movement continues in the USDCHF market. The price reverses when sellers lose momentum at the support level of $0.94. The resistance level of $0.95 have been broken upside. The price is facing the resistance level of $0.96.

The 9 period EMA is above the 21 periods EMA, USDCHF is trading above the two EMAs as the price is increasing. The Relative Strength Index period 14 is at 58 levels with signal line showing bullish direction.

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