USDCHF Price May Experience a Bullish Surge Above $0.96 Level

USDCHF Price Analysis – August 26

When the resistance level of $0.96 does not hold, bullish momentum may increase, USDCHF price may break up the level, then, 0.97 levels may be reached and it may incline to $0.98 level. Should the bears break down the support level of $0.95, the price may decrease towards $0.94, and $0.93 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: Bullish

USDCHF is bullish on the long-term outlook. After the bullish breakout from the descending channel at $0.92. The currency pair increases towards the resistance level of $0.94. The just mentioned resistance level and the price increases above the former resistance level of $0.95. It is currently moving towards the resistance level of $0.96. Further price increase envisaged.

USDCHF is trading above the two EMAs at a distance. The 9 periods EMA has crossed the 21 periods EMA upside. The Relative Strength Index period 14 is at 53 levels bending down to indicate sell market direction which may be a pullback. When the resistance level of $0.96 does not hold, bullish momentum may increase, USDCHF price may break up the level, then, 0.97 levels may be reached and it may incline to $0.98 level. Should the bears break down the support level of $0.95, the price may decrease towards $0.94, and $0.93 levels.

 USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. The price has been making higher highs, higher lows after the breakout from the descending channel formed by the price action last two weeks on the 4-hour chart. The price increases and broke up resistance levels of $0.94 and $0.95. The bulls’ momentum is increasing.

The 9 period EMA remains above the 21 periods EMA as a sign of bullish market. USDCHF is trading above the two EMAs. Meanwhile, the Relative Strength Index period 14 is at 47 levels with signal line pointing down to indicate sell signal.

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