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USDCHF may peak at the $0.89 level
USDCHF Price Analysis – 08 September
In case buyers’ momentum is successful in holding the $0.88 support level, USDCHF may increase past the $0.89 resistance level and toward the $0.90 and $0.91 resistance levels. If sellers apply enough pressure, the $0.88 barrier level can be broken, which would cause a significant drop in price into the $0.87 and $0.86 levels.
USDCHF Market
Key Levels:
Resistance levels: $0.89, $0.90, $0.91
Support levels: $0.88, $0.87, $0.86
USDCHF Long-term trend: Bullish
USDCHF is bullish on the daily chart. As it is now retreating, USDCHF is struggling to surpass the $0.89 ceiling. The USDCHF market was dominated by sellers for the previous month. The price breached the last support level of $0.87. It eventually found support at the $0.85 level and the price bounced. Increased buyers’ pressure was applied to the price on July 20 and it broke up the resistance levels of $0.86, $0.87, and $0.88. The $0.89 ceiling is proving to be a barrier for the USDCHF.
The USD/CHF current position above the 9- and 21-period EMAs indicates that buyers’ momentum is increasing. The Relative Strength Index period 14 at 64 levels indicates a bullish market. In case buyers’ momentum is successful in holding the $0.88 support level, the price may increase past the $0.89 resistance level and toward the $0.90 and $0.91 resistance levels. If sellers apply enough pressure, the $0.88 barrier level can be broken, which would cause a significant drop in price into the $0.87 and $0.86 levels.
USDCHF Medium-term Trend: Bullish
USDCHF is on a bullish movement in the medium-term outlook. A bullish movement was started by the double-bottom chart pattern that was formed at the $0.85 support level. Bullish candles are produced by the market. The $0.87 currency pair’s former resistance level has changed to a support level. The upward break occurred at the $0.88 resistance level. The price can increase to $0.89 or higher.
The currency pair is trading above both the 9-period EMA and the 21-period EMA, indicating a bullish market. The Relative Strength Index period 14 is at 63, with its signal line pointing upward to indicate a buy.
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