USDCHF Price May Experience a Bullish Reversal at $0.93 Level

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Bulls’ pressure may increase

USDCHF Price Analysis –25 November

When the support level of $0.93 is penetrated downside, bearish momentum may increase, USDCHF price may sink to $0.92, and $0.91 support levels. In case the buyers exert more pressure in the USDCHF market, the Price will increase toward the resistance levels of $0.94, $0.95, and $0.96.

USDCHF Market

Key Levels:

Resistance levels: $0.94, $0.95, $0.96

Support levels: $0.93, $0.92, $0.91

USDCHF Long-term trend: Bearish

USDCHF is bearish on the long-term outlook. The currency pair found support at the $0.94 level two weeks ago. It pulled back to retest the resistance level of $0.96. On 02 November, sellers gained more pressure and the price retested the previous low of $0.93 level. It seems the bearish momentum is weak and bulls are gathering momentum to push up the price.

USDCHF is trading below the two EMAs at a close range and the 9-periods EMA is below the 21-period EMA. The Relative Strength Index period 14 is at 34 levels bending up to indicate a bullish market direction. When the support level of $0.93 is penetrated downside, bearish momentum may increase, USDCHF price may sink to $0.92, and $0.91 support levels. In case the buyers exert more pressure in the USDCHF market, the Price will increase toward the resistance levels of $0.94, $0.95, and $0.96.

USDCHF Medium-term Trend: Bearish

USDCHF is bearish in the medium-term outlook. Last week on the 4-hour time frame, bulls were pushing up the currency pair toward the resistance level of $0.96. The just-mentioned level holds and the sellers opposed the bulls. The currency pair decrease again toward the support level of $0.93. It seems that the price action is in the formation of the double-bottom chart pattern.

The 9-period EMA is crossing the 21-periods EMA upside. USDCHF is trading below the two EMAs as the price is increasing. The Relative Strength Index period 14 is at 41 levels with signal line showing bullish direction.

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