USDCHF Price: Resistance Level of $1.01 Holds, Bearish Trend May Commence

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Bears’ pressure is increasing in USDCHF market

USDCHF Price Analysis – October 28

When sellers gain more pressure, the support level of $0.97 may be penetrated downside, below it are $0.96 and $0.95 support levels. In case buyers oppose the bearish movement at $0.97, USDCHF may increase towards the support levels at $0.98, $0.99 and $1.00.

USDCHF Market

Key Levels:

Resistance levels: $0.98, $0.99, $1.00

Support levels: $0.97, $0.96, $0.95

USDCHF Long-term trend: Bearish

USDCHF is bearish on the long-term outlook. Last week was a harvest season for Buyers as the price was inclining higher. The resistance level of $0.99 and $1.00 was broken upside with strong bullish momentum. The resistance level of $1.01 was tested.   Sellers reacted against the price increase with the formation of long tailed daily candle. More bearish candles were produced and the price reduces towards the support level of $0.97.

USDCHF is trading below the 9 periods EMA and 21 periods EMA at distance indicating strong bearish momentum. The Relative Strength Index period 14 is at 49 levels bending down which connote sell signal. When sellers gain more pressure, the support level of $0.97 may be penetrated downside, below it are $0.96 and $0.95 support levels. In case buyers oppose the bearish movement at $0.97, price may increase towards the support levels at $0.98, $0.99 and $1.00.

USDCHF Medium-term Trend: Bearish

USDCHF is bearish in the medium-term outlook. The bullish momentum sporadically increase the price to $1.01 level last week. The just mentioned resistance level holds the price. Sellers exerted more pressure and the support levels of $1.00 and $0.99 was penetrated. At the moment, the sellers are trying to break down the support level of $0.98.

The 9 periods EMA has crossed the 21 periods EMA downside. USDCHF is trading below the two EMAs as the price is decreasing. The Relative Strength Index period 14 is at 40 levels with signal line exhibiting bearish 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.