USDCHF Price Pulls Back at $0.91 Level

Sellers’ pressure increase in USDCHF market

USDCHF Price Analysis – 05 July

USDCHF may surge above $0.91 and get close to the $0.92 barrier levels if the purchasing momentum can hold above the $0.90 resistance level. Sellers can push the price past $0.89 and into the $0.88 and $0.867 zones if they apply sufficient pressure.

USDCHF Market

Key Levels:

Resistance levels: $0.90, $0.91, $0.92

Support levels: $0.89, $0.88, $0.87

USDCHF Long-term trend: Bullish

There is an upward trend on the USDCHF daily chart. A bull market in the USDCHF helped buyers, though not by nearly as much as $0.91. Since May 1, sellers have dominated the USDCHF market. The currency pair’s price approached the $0.92 barrier mark the day prior. A bearish engulfing candle pattern was seen close to the level that was originally recommended. The price immediately fell to $0.88, indicating a substantial loss.  The start of the bullish trend was indicated by two tests of the previously identified support level.

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A positive reversal impulse is shown by the USDCHF exchange rate, which is currently higher than the Hull Suite. The forex signal QQE MOD, which is skewed above the zero line, indicates price increases. The price may surge above $0.91 and get close to the $0.92 barrier levels if the purchasing momentum can hold above the $0.90 resistance level. Sellers can push the price past $0.89 and into the $0.88 and $0.867 zones if they apply sufficient pressure.

USDCHF Medium-term Trend: Bullish

It is evident that, over the medium term, the USDCHF is rising. The currency pair started to increase a few days ago when an inverted Head and Shoulder chart pattern materialized near the $0.88 support level. Price made another attempt to breach the $0.89 resistance level yesterday, but it was able to keep the trend going. The price is currently pulling back towards $0.89.

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A bearish market is indicated by the currency pair’s trading below the Hull Suite signal. It is advised to sell if the QQE MOD is lower than zero.

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