USDCHF Price Reaches $0.92 Resistance Level, Bearish Reversal Envisaged

Buyers’ pressure decrease in USDCHF market

USDCHF Price Analysis – 29 September

USDCHF may rise past the $0.92 resistance level and toward the $0.93 and $0.94 resistance levels if buyers’ momentum is effective in holding the $0.91 support level. The $0.91 barrier level can be broken if sellers exert enough pressure, which would result in a substantial price decline into the $0.90 and $0.89 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.92, $0.93, $0.94

Support levels: $0.91, $0.90, $0.89

USDCHF Long-term trend: Bullish

The USDCHF is increasing on the daily chart. Now that it is inclining, the USDCHF is rising above the $0.90 ceiling. Since July, buyers have dominated the USDCHF market. The previous resistance level of $0.89 was broken by the price. Gradually, the price increased and reached a plateau of about $0.90. On September 25, more buyers pushed the price past the $0.91 and tested $0.92 barrier level. The USDCHF is currently pulling back.

The fact that the USD/CHF is currently trading at close range to the 9- and 21-period EMAs indicates that the momentum of buyers is getting weak. A bearish market is indicated by the Relative Strength Index period 14 at 66 levels. USDCHF may rise past the $0.92 resistance level and toward the $0.93 and $0.94 resistance levels if buyers’ momentum is effective in holding the $0.91 support level. The $0.91 barrier level can be broken if sellers exert enough pressure, which would result in a substantial price decline into the $0.90 and $0.89 levels.

USDCHF Medium-term Trend: Bearish

In the medium term, USDCHF is negative. The double bottom chart pattern developed at the $0.85 support level made a bullish trend to $0.91 resistance level. The market generates bearish candles at a level just mentioned. The previous dynamic support levels have turned to resistance levels. At the $0.91 support level, the downward break took place. As the price approaches $0.90, it is falling.

Indicating a bearish market, the currency pair is trading below both the 9-period EMA and the 21-period EMA. The indicator is currently at 46, and the Relative Strength indicator period 14 signal line is pointing downward and indicating a sell.

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