USDCHF Price May Increase Provided Bulls Defend $0.93 Support Level

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Bulls may dominate USDCHF market

USDCHF Price Analysis –09 December

In case the buyers defend the support level of $0.93 and exert more pressure in the USDCHF market, the Price will increase toward the resistance levels of $0.94, $0.95, and $0.96.  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.

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. There was no significant movement in the U.S. Dollar/Swiss France market last week. On December 05, the price pulled back to retest the resistance level of $0.94. Today, sellers dominate the market and the price is trying to break down the support level of $0.93. Further price reduction is envisaged in case of sellers exert more pressure.

USDCHF is trading below the two EMAs and the 9-periods EMA is below the 21-period EMA. The Relative Strength Index period 14 is at 34 levels bending down to indicate a bearish market direction. In case the buyers defend the support level of $0.93 and exert more pressure in the USDCHF market, the Price will increase toward the resistance levels of $0.94, $0.95, and $0.96.  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.

USDCHF Medium-term Trend: Bearish

USDCHF is bearish in the medium-term outlook. The price has been trading within the $0.94 and $0.93 levels for more than three weeks. Last week, the price was dangling within the just mentioned levels. Today, sellers are trying to exert more pressure to break down the support level of $0.93.

The 9-period EMA is already below the 21-period EMA. USDCHF is trading below the two EMAs as the bearish movement signal. The Relative Strength Index period 14 is at 36 levels with a signal line showing a bearish direction.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.