USDCHF Price May Experience a Bullish Reversal at $0.90 Support Level

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Bulls’ momentum is increasing in USDCHF market

USDCHF Price Analysis – 17 March

In case the buyers exert enough pressure, the $0.93 barrier level might be breached, and the positive trend might carry on to the $0.94 and $0.95 levels.  USDCHF may pass the $0.92 support level and decline toward the $0.91 and $0.90 support levels if sellers gain more pressure and hold the $0.93 resistance level.

USDCHF Market

Key Levels:

Resistance levels: $0.93, $0.94, $0.95

Support levels: $0.92, $0.91, $0.90

USDCHF Long-term trend: Bearish

USDCHF is on a bearish movement on the Long-term outlook. Last two weeks, the purchasers were in control of the market. The price was pushed to the resistance level of $0.93 level. It experienced a ranging movement for a few days. On 09 March, a bearish engulfing candle formed, and the price declined to test the support level of $0.90. Last week, Buyers opposed the sellers at the just mentioned level and the price tested the $0.93 level, it is pulling back at the moment.

The USDCHF is trading slightly below the two EMAs and the 9-period EMA has crossed the 21-period EMAs. Relative Strength Index period 14 at 48 levels indicating a bearish market. In case the buyers exert enough pressure, the $0.93 barrier level might be breached, and the positive trend might carry on to the $0.94 and $0.95 levels.  The price may pass the $0.92 support level and decline toward the $0.91 and $0.90 support levels if sellers gain more pressure and hold the $0.93 resistance level.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. On the 4-hour chart, a double top pattern was seen when the price reached $0.93. The market for USD/CHF enters a bearish trend. When buyers were trying to increase the price around the $0.93 resistance level, sellers stepped in and forced the price to drop until it reached the $0.90 support level. The price bounced up and tested $0.93 and it is pulling back.

The 9-period EMA is above the 21-period EMA. The USDCHF is currently trading above the two EMAs, indicating bullish momentum. The signal line on the Relative Strength Index period 14 is displaying a bearish direction at the 50 levels which may be a pullback.

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