USDCHF Price Reaches High of 2019, What next?

USDCHF Price Analysis – May 13

When the resistance level of $1.00 holds, bullish momentum may decrease, USDCHF price may bounce off the level, then, 0.99 levels may be reached and it may decline to $0.98 and $0.97 level.  Should the bulls break up the resistance level of $1.00, the price may increase towards $1.02, and $1.04 levels.

USDCHF Market

Key Levels:

Resistance levels: $1.00, $1.02, $1.04

Support levels: $0.99, $0.98, $0.97

USDCHF Long-term trend: Bullish

USDCHF is bullish on the long-term outlook. The bulls were able to push up the currency pair to break up the resistance level of $0.98 and it penetrated the resistance level of $0.99. The price increases to test the high of $1.00 yesterday. More strong bullish candles were produced and the currency pair increases and reached $1.00 level.

USDCHF retain its trading above the two EMAs at a distance and the 9 periods EMA is above the 21 periods EMA. The Relative Strength Index period 14 is at 81 levels bending down to indicate bearish market direction which may be a pull back. When the resistance level of $1.00 holds, bullish momentum may decrease, USDCHF price may bounce off the level, then, 0.99 levels may be reached and it may decline to $0.98 and $0.97 level.  Should the bulls break up the resistance level of $1.00, the price may increase towards $1.02, and $1.04 levels.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. Buyers are holding tightly unto the USDCHF market. Bullish momentum increases steadily. The resistance levels of $0.98 and $0.99 have turned to support levels. The currency pair continues making higher highs, higher lows. The resistance level of $1.00 is tested. Currently price is consolidating around $1.00 level.

The 9 period EMA remains above the 21 periods EMA. USDCHF is trading above the two EMAs as the price is increasing. The Relative Strength Index period 14 is at 62 levels with signal line showing bullish direction.