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Buyers’ pressure may increase again in USDCHF market
USDCHF Price Analysis – 05 August
USDCHF may rise past the $0.87 resistance level and toward the $0.88 and $0.89 resistance levels if buyers’ momentum is successful in holding the $0.86 support level. The $0.86 barrier level can be broken if sellers exert enough pressure, allowing the price to advance further into the $0.85 and $0.84 levels.
USDCHF Market
Key Levels:
Resistance levels: $0.87, $0.88, $0.89
Support levels: $0.86, $0.85, $0.84
USDCHF Long-term trend: Bullish
USDCHF is bullish on the daily chart. Over the past four weeks, sellers have dominated the USDCHF market. The previous support level of $0.87 was broken by the price. It declined further for a few days. On July 13, as a result of heightened seller pressure, the price tested $0.85 level twice. The $0.84 level is currently being held by the bulls. Double bottom, a bullish reversal chart pattern, appears to have developed. The expected movement is bullish.
The USD/CHF price is currently moving above the 9-period and 21-period EMAs, which shows that buyers’ momentum is gaining strength. A bullish market is indicated by the Relative Strength Index period 14 at 46 levels. The price may rise past the $0.87 resistance level and toward the $0.88 and $0.89 resistance levels if buyers’ momentum is successful in holding the $0.86 support level. The $0.86 barrier level can be broken if sellers exert enough pressure, allowing the price to advance further into the $0.85 and $0.84 levels.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish in the medium-term outlook. Over the past three weeks, the currency pair has been ranging between $0.85 and $0.86. The resistance level of $0.86 was breached as the drive of the buyers outweighed that of the selling. As the purchasers gained momentum, the price increased toward the $0.87 barrier level. On 02 August, Bears defends the $0.87 level and the price is currently pulling back.
The downward crossing of the 9-period EMA and the 21-period EMA can be seen. The market pulling back. Indicating a retracement movement, the price of USDCHF is currently below the two exponential moving averages.
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