USDCHF Price Pulls Back at $0.98 Before Bullish Movement Continues

USDCHF Price Analysis – July 15

When the resistance level of $0.98 is broken upside, the resistance levels of $0.99 and $1.00 may be tested. In case $0.98 level holds, bearish momentum may trigger, USDCHF price may bounce off the level, then, 0.97 levels may be reached and it may decline to $0.96 and $0.95 level.

USDCHF Market

Key Levels:

Resistance levels: $0.98, $0.99, $1.00

Support levels: $0.97, $0.96, $0.95

USDCHF Long-term trend: Bullish

USDCHF is bullish on the long-term outlook. The bulls’ movement triggers at the support level of $0.95 with the formation of bullish engulfing candle. The currency pair commences a bullish movement since two weeks ago. The price increases and broke up the $0.96 and $0.97 resistance levels upside. The currency pair tested $0.98 level and pulled back. It is currently exposes to the resistance level of $0.98.

USDCHF is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish movement or price increment. The Relative Strength Index period 14 is at 57 levels bending down to indicate sell signal which may be a pullback. When the resistance level of $0.98 is broken upside, the resistance levels of $0.99 and $1.00 may be tested. In case $0.98 level holds, bearish momentum may trigger, USDCHF price may bounce off the level, then, 0.97 levels may be reached and it may decline to $0.96 and $0.95 level.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. The price action formed a double bottom chart pattern at $0.95 level. The price commences a bullish movement, the $0.96 and $0.97 levels was penetrated upside and the price tests the resistance level of $0.98. It is currently pulling back.

The 9 period EMA has crossed the 21 periods EMA upside. USDCHF is trading below the two EMAs as the price is decreasing. The Relative Strength Index period 14 is at 45 levels with signal line showing bullish signal.

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