USDCHF Price Analysis – May 27
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 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. When the resistance level of $1.0 was tested last two weeks on May 16. The just mentioned level was defended by the bears and price could not break it up. There was a formation of an inverted pin bar which indicate a bearish signal. The bearish pressure increases and price decline to $0.95 level. Further price declination envisaged.
USDCHF is trading below the two EMAs at a distance and the 9 periods EMA has crossed the 21 periods EMA downside. The Relative Strength Index period 14 is at 37 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 levels.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish in the medium-term outlook. Bearish movement continues in the USDCHF market.. The price reverses when Buyers lose momentum at the resistance level of $1.00. The support level of $0.95 and $0.96 have been broken downside. The price is falling down towards the support level of $0.95.
The 9 period EMA is below the 21 periods EMA, USDCHF is trading below the two EMAs as the price is decreasing. The Relative Strength Index period 14 is at 30 levels with signal line showing beariish direction..
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