USDCHF Price May Experience Bullish a Reversal at $0.83 Support Level

Bullish momentum may increase in USDCHF market

USDCHF Price Analysis – 12 January

If the buying momentum can continue above the $0.85 resistance level, USDCHF may advance past the $0.86 resistance level and approach the $0.87 barrier levels. If sellers apply enough pressure, they might be able to move the price past $0.84 and into the $0.83 and $0.82 ranges.

USDCHF Market

Key Levels:

Resistance levels: $0.85, $0.86, $0.87

Support levels: $0.84, $0.83, $0.82

USDCHF Long-term trend: Bearish

The daily chart of USDCHF is going lower. The USDCHF market was falling and sellers were in charge. Not quite as much as $0.89, though. Sellers have been in control of the USDCHF market since October 24. The price of the currency pair dropped down to the $0.82 support level on December 28. Right around the $0.82 support level, a bullish engulfing candle pattern first emerged, signaling the beginning of an incline. The price eventually consolidates within $0.85 and $0.84 levels.

Selling momentum is getting weaker because the USDCHF exchange rate is presently above the Hull Suite indicator. The QQE MOD is fading away below zero level, which indicates a price increase. If the buying momentum can continue above the $0.85 resistance level, the price may advance past the $0.86 resistance level and approach the $0.87 barrier level. If sellers apply enough pressure, they might be able to move the price past $0.84 and into the $0.83 and $0.82 ranges.

USDCHF Medium-term Trend: Bullish

Trends over the medium term show that the USDCHF is increasing. On December 29, the currency pair began to rally as a double-bottom chart pattern appeared close to the $0.85 resistance level. On January 2, the price went up before stabilizing at $0.85. The price is currently retracing as burial stone Doji appeared at $0.85.

A bullish USDCHF market is indicated by the currency pair’s trading above the Hull Suite signal. Buying is advised when the QQE MOD is greater than the zero criterion.

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