USDCHF Price May Reach $1.02 Resistance Level Provided $1.00 level Holds Not

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Bulls’ pressure increases in USDCHF market

USDCHF Price Analysis – October 14

When buyers gain more momentum, the resistance level of $1.00 may be broken upside and USDCHF will be exposed to $1.01 and $1.02 resistance level. In case price is rejected at the resistance level of $1.00, bearish trend may commence towards the support levels of $0.99, $0.98 and $0.97.

USDCHF Market

Key Levels:

Resistance levels: $1.00, $1.01, $1.02

Support levels: $0.99, $0.98, $0.97

USDCHF Long-term trend: Bullish

USDCHF is bullish on the long-term outlook. The currency pair keep on increasing as the Buyers’ momentum increases. Last two weeks, the market closed below $0.99 level. More pressure from the bulls push up the price and the resistance level of $0.99 was broken upside. The price increased and test the resistance level of $1.00 and pulled back. Today, bulls dominate market, there is tendency for further increase in price.

USDCHF is trading above the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is at 65 levels bending up which connote buy signal. When buyers gain more momentum, the resistance level of $1.00 may be broken upside and the price will be exposed to $1.01 and $1.02 resistance level. In case price is rejected at the resistance level of $1.00, bearish trend may commence towards the support levels of $0.99, $0.98 and $0.97.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. The resistance level of $0.99 could not hold the price last week. Buyers exerted more pressure and the just mentioned level was penetrated. At the moment, USDCHF is testing the resistance level of $1.00. Should bulls break up $1.00 level, price may go higher to $1.01 level.

USDCHF is trading above the two EMAs as the price is increasing. The 9 periods EMA has crossed the 21 periods EMA upside. The Relative Strength Index period 14 is at 60 levels with signal line showing bullish signal.

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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.