USDCHF Price: Resistance Level of $1.00 Is Broken Upside, Targeting $1.01 Level

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Bulls’ pressure is increasing

USDCHF Price Analysis – October 21

As buyers are gaining more momentum, the resistance level of $1.01 may be tested and broken upside, above it are $1.02 and $1.03 resistance levels. In case sellers oppose the bullish movement at $1.01, USDCHF may go down towards the support levels at $1.00, $0.99 and $0.98.

USDCHF Market

Key Levels:

Resistance levels: $1.01, $1.02, $1.03

Support levels: $1.00, $0.99, $0.98

USDCHF Long-term trend: Bullish

USDCHF is bullish on the long-term outlook. Buyers are holding tight unto the USDCHF market as the currency pair keep on increasing. Last week, sellers tried to defend the former resistance level of $1.00, buyers were unable to break up the mentioned level. Today, Buyers are gaining more momentum and the significant level of $1.00 is broken up and the price is increasing towards the resistance level of $1.01 level.

USDCHF is trading above the 9 periods EMA and 21 periods EMA at distance indicating strong bullish momentum. The Relative Strength Index period 14 is at 65 levels bending up which connote buy signal. As buyers are gaining more momentum, the resistance level of $1.01 may be tested and broken upside, above it are $1.02 and $1.03 resistance levels. In case sellers oppose the bullish movement at $1.01, price may go down towards the support levels at $1.00, $0.99 and $0.98.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. The resistance level of $1.00 held the price last week. Buyers exerted more pressure and the just mentioned level was penetrated. At the moment, USDCHF is heading towards the resistance level of $1.01. Should bulls break up $1.01 level, price may go higher to $1.02 level.

The 9 periods EMA has crossed the 21 periods EMA upside. USDCHF is trading above the two EMAs as the price is increasing. The Relative Strength Index period 14 is at 68 levels with signal line showing bullish signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.