USDCHF Price May Reverse at $0.87 Support Level

Bulls may prevail over bears in USDCHF market

USDCHF Price Analysis – 26 July

If the buying momentum can sustain over the $0.88 resistance level, the price can rise above $0.89 and approach the $0.90 barrier levels. If sellers exert enough pressure, they can drive USDCHF past $0.88 and into the $0.87 and $0.86 zones.

USDCHF Market

Key Levels:

Resistance levels: $0.88, $0.89, $0.90

Support levels: $0.87, $0.86m $0.85

USDCHF Long-term trend: Bearish

The USDCHF daily chart is trending downward. Customers benefited from a bearish USDCHF market, but not by nearly as much as $0.87. The USDCHF market has been under buyer control within May 01 to June 20. The price of the currency pair was close to $0.921 few weeks ago. Near the first suggested level, there was a bearish engulfing candle pattern. Instantly, the price dropped to $0.88, signifying a significant loss.  Two tests of the previously determined support level signaled the beginning of the bearish trend.

The USD/CHF exchange rate, which is currently less than the Hull Suite, indicates a negative reversal impulse. Price decreases are indicated by the forex signal QQE MOD, which is tilted below the zero line. If the buying momentum can sustain over the $0.88 resistance level, the price can rise above $0.89 and approach the $0.90 barrier levels. If sellers exert enough pressure, they can drive the price past $0.88 and into the $0.87 and $0.86 zones.

USDCHF Medium-term Trend: Bearish

It seems clear that the USDCHF is falling in the medium run. A few days ago, the currency pair began to fall when a bearish engulfing candle pattern appeared close to the $0.88 support level. Yesterday, there was another effort by the price to break through the $0.90 resistance level, but it managed to keep on course. Right now, the price is testing $0.87 level.

The currency pair’s trading below the Hull Suite signal indicates a bearish market. If QQE MOD is less than zero, selling is recommended.

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