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Bears are opposing bulls in USDCHF market
USDCHF Price Analysis – 26 January
If the purchasing momentum can sustain over the $0.86 resistance level, USDCHF may advance past the $0.88 resistance level and approach the $0.89 barrier level. If sellers apply enough pressure, they might be able to move the price past $0.85 and into the $0.84 and $0.83 ranges.
USDCHF Market
Key Levels:
Resistance levels: $0.86, $0.88, $0.89
Support levels: $0.85, $0.84, $0.83
USDCHF Long-term trend: Bullish
There is an upward trend on the USDCHF daily chart. The trend on the USDCHF market was downward, favoring sellers, although not by nearly the same amount as $0.89. Sellers have been in control of the USDCHF market since October 24. The price of the currency pair dropped as low as the $0.82 support level on December 28. Near the $0.82 support level, a bullish engulfing candle pattern first emerged, signaling the beginning of an upswing. The price ultimately settled at $0.86. At the moment, it is strongly pressing the $0.86 level.
The current USD/CHF exchange rate is above the Hull Suite indicator, indicating a strengthening buying trend. Climbing prices are shown by the QQE MOD, which is climbing over the zero line. If the purchasing momentum can sustain over the $0.86 resistance level, the price may advance past the $0.88 resistance level and approach the $0.89 barrier level. If sellers apply enough pressure, they might be able to move the price past $0.85 and into the $0.84 and $0.83 ranges.
USDCHF Medium-term Trend: Bearish
The USDCHF is decreasing, according to the medium-term tendencies. On December 29, the currency pair began to increase when a double-bottom chart pattern appeared close to the $0.86 resistance level. On January 2, the price went up before stabilizing at $0.86. It is having difficulty breaking above $0.86. Price is currently declining which may be a pullback.
A bearish market is indicated by the currency pair’s trading below the Hull Suite signal. If the QQE MOD is less than zero, selling is advised.
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