USDCHF Price Retesting $0.86 Support Level, Further Increase Envisaged

Bulls’ pressure may increase in USDCHF market

USDCHF Price Analysis – 23 February

If the purchasing momentum can sustain over the $0.88 resistance level, USDCHF can surpass the $0.89 resistance level and approach the $0.91 barrier levels. If sellers exert enough pressure, they might be able to move the price past $0.86 and into the $0.85 and $0.84 ranges.

USDCHF Market

Key Levels:

Resistance levels: $0.88, $0.89, $0.91

Support levels: $0.86, $0.85, $0.84

USDCHF Long-term trend: Bullish

The daily chart of USDCHF is climbing. Sellers profited from a negative trend on the USDCHF market, but not by nearly as much as $0.84. Sellers have been in control of the USDCHF market since October 24. The price of the currency pair dropped as low as the $0.82 support level on December 28. Near the $0.83 support level, a bullish engulfing candle pattern first emerged, signaling the beginning of an upswing. A total of $0.86 was spent. It is currently moving quite quickly in the direction of the $0.88 mark.

The fact that the current USDCHF exchange rate is higher than the Hull Suite recommendation indicates a stronger buying tendency. Rising prices are indicated by the forex signal QQE MOD, which is rising over the zero line. If the purchasing momentum can sustain over the $0.88 resistance level, price can surpass the $0.89 resistance level and approach the $0.91 barrier levels. If sellers exert enough pressure, they might be able to move the price past $0.86 and into the $0.85 and $0.84 ranges. Join best forex signals telegram.

USDCHF Medium-term Trend: Bullish

The medium-term patterns indicate that USDCHF is leaning. On December 29, the currency pair began to rally as a double-bottom chart pattern appeared close to the $0.83 support level. On January 2, the price went up before stabilizing at $0.86. It has no issue at all rising beyond $0.86. Right now, the price is rising, indicating a bullish trend.

The currency pair’s trading above the Hull Suite signal indicates a bullish market. It is recommended to purchase if the QQE MOD is higher than zero.

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