USDCHF Price May Rise Above $0.87 Resistance Level

Buyers are dominating USDCHF market

USDCHF Price Analysis – 15 August

The price may rise above $0.88 and get close to the $0.89 barrier levels if the purchasing momentum can hold above the $0.87 resistance level. Sellers have the ability to push the price past $0.86 and into the $0.85 and $0.84 ranges with sufficient pressure.

 

Key Levels:

Resistance levels: $0.87, $0.88, $0.89

Support levels: $0.86m $0.85, $0.84

USDCHF Long-term trend: Bearish

There is a downward trend on the USDCHF daily chart. A negative USDCHF market helped customers, but not by nearly as much as $0.87. From May 1 to June 20, buyers controlled the USDCHF market. A few weeks ago, the currency pair’s price was virtually exactly $0.921. There was a bearish engulfing candle pattern close to the first recommended level. The price immediately fell to $0.88, indicating a large loss. The start of the negative trend was indicated by two tests of the previously established support level. At the moment, is pulling back towards $0.87 level.

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A negative reversal impulse is shown by the USD/CHF exchange rate, which is currently less than the Hull Suite. The forex signals QQE MOD, which is tilted below the zero line, indicates price declines. The price may rise above $0.88 and get close to the $0.89 barrier levels if the purchasing momentum can hold above the $0.87 resistance level. Sellers have the ability to push the price past $0.86 and into the $0.85 and $0.84 ranges with sufficient pressure.

USDCHF Medium-term Trend: Bullish

Over the medium term, it is evident that the USDCHF is rising. The start of the currency pair’s decline was signaled a few days ago when the bullish engulfing candle pattern emerged close to the $0.84 support level. The price made another attempt to breach the $0.86 resistance level yesterday, but it was able to stay on course. The price is currently getting close to $0.87.

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