USDCHF Price Analysis – June 10
Should the bulls break up the resistance level of $0.98, the price may increase towards $0.99, and $1.00 levels. When the support level of $0.97 holds, bearish momentum may increase, USDCHF price may bounce off $0.98 level, then, 0.97 levels may be reached and it may decline to $0.96 and $0.95 levels.
USDCHF Market
Key Levels:
Resistance levels: $0.98, $0.99, $1.00
Support levels: $0.97, $0.96, $0.95
USDCHF Long-term trend: Bullish
USDCHF is bullish on the long-term outlook. Two weeks ago, the currency pair reached the low of $0.95 support level. The price consolidates for many days as it was difficult to break down the just mentioned level. The mentioned level was defended by the bulls when buyers gained momentum. More strong daily bullish candles were produced and price increases. The bullish pressure increases and price incline to $0.98 level. Further price inclination envisaged.
USDCHF is trading above the two EMAs at a distance and the 9 periods EMA has crossed the 21 periods EMA upside. The Relative Strength Index period 14 is at 65 levels bending up to indicate bullish market direction. Should the bulls break up the resistance level of $0.98, the price may increase towards $0.99, and $1.00 levels. When the support level of $0.97 holds, bearish momentum may increase, USDCHF price may bounce off $0.98 level, then, 0.97 levels may be reached and it may decline to $0.96 and $0.95 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 $0.95. The resistance level of $0.96 and $0.97 have been broken upside. The price is soaring towards the resistance level of $0.98.
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 74 levels with signal line showing bullish direction.
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