Bulls momentum is reducing in USDCHF market
USDCHF Price Analysis – 03 March
In case buyers maintain their pressure and hold the $0.93 support level, USDCHF may pass the $0.94 resistance level and go up toward the $0.95 and $0.96 resistance levels. The $0.92 barrier level may be broken if the sellers apply pressure, and the bearish trend may continue to the $0.91 and $0.90 levels.
USDCHF Market
Key Levels:
Resistance levels: $0.94, $0.95, $0.96
Support levels: $0.93, $0.92, $0.91
USDCHF Long-term trend: Bullish
USDCHF is on a bullish movement on the Long-term outlook. Buyers dominate the market after the formation of an inverted head and shoulder chart pattern in the USDCHF market. When the price fell through the support level of $0.91, buyers fought against the sellers at the $0.90 support level. Buyers were able to hold off sellers and prevent the price from falling below the $0.90 support, pushing it beyond the $0.92 resistance level. The USDCHF market is dominated by buyers, and the price is currently attempting to break through the $0.93 resistance level.
The USDCHF is trading above the two EMAs and the 9-period EMA has crossed the 21-period EMAs upward. Relative Strength Index period 14 at 58 levels indicates a bearish market trend. In case buyers maintain their pressure and hold the $0.93 support level, the price may pass the $0.94 resistance level and go up toward the $0.95 and $0.96 resistance levels. The $0.92 barrier level may be broken if the sellers apply pressure, and the bearish trend may continue to the $0.91 and $0.90 levels.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish in the medium-term outlook. When the inverted head and shoulders chart pattern formed, the USDCHF market moves into a bullish trend. On 17 February, sellers interrupted buyers as the price was increasing around the $0.93 resistance level, causing the price to fall until it reached the $0.92 support level. The bulls were successful in controlling the USDCHF market. The currency pair is trying to reverse at $0.94 resistance level at the moment.
The 9-period EMA remains above the 21-period EMA. The USDCHF is currently trading below the two EMAs, indicating bearish momentum. The signal line on the Relative Strength Index period 14 is displaying a bearish direction at the 48 level.
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