Bulls’ momentum may increase in USDCHF market
USDCHF Price Analysis – 27 April
In case sellers exert enough pressure, the $0.88 barrier level might be breached, and the downward trend might carry on to the $0.87 and $0.86 levels. The price may move past the $0.89 resistance level and upward toward the $0.90 and $0.91 resistance levels if buyers are able to hold the $0.88 support level.
USDCHF Market
Key Levels:
Resistance levels: $0.89, $0.90, $0.91
Support levels: $0.88, $0.87, $0.86
USDCHF Long-term trend: Bearish
On the Long-term outlook, USDCHF is on a bearish movement. Sellers have recently dominated the market. The $0.93 resistance level was overcome by the price. It moved for a few days in all directions. On March 9, a bearish engulfing candle formed, which caused the price to drop to test the $0.90 support level. On March 15, as buyers and sellers battled for control of the aforementioned level, the price retested $0.93; at this moment, it has broken past $0.90 and $0.89 and is testing the $0.88 level.
The 9-period EMA has passed the fall line of the 21-period EMAs, and the price of USD/CHF is currently trading below the two EMAs. A bearish market is indicated by the Relative Strength Index period 14 at 49 levels. In case sellers exert enough pressure, the $0.88 barrier level might be breached, and the downward trend might carry on to the $0.87 and $0.86 levels. The price may move past the $0.89 resistance level and upward toward the $0.90 and $0.91 resistance levels if buyers are able to hold the $0.88 support level.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish in the medium-term outlook. At $0.93, a double top chart pattern first developed. A more dismal market is what it foresees. The trend of the currency pair shifts downward. The sellers’ action caused the price to fall, approaching the $0.90 support level. Around the $0.93 barrier level, buyers made an effort to drive the price higher. The $0.88 support level has been reached and is being tested by buyers right now.
The 9-period EMA is still below the 21-period EMA in value. The USDCHF is currently trading below the two exponential moving averages, indicating a market where the trend is shifting downward. The Relative Strength Index’s period 14 signal line is pointing lower at 48.
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