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Sellers’ momentum increase in USDCHF market
USDCHF Price Analysis – 03 November
USDCHF may go past the $0.90 resistance level and toward the $0.91 barrier levels if the buying momentum is effective in breaking up the $0.89 resistance level. The $0.88 barrier level might be broken by sellers exerting enough pressure, which would cause the price to drop sharply in the direction of the $0.87 and $0.86 levels.
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 daily chart, USDCHF is bearish. At the moment, sellers are in charge of USDCHF, and it is falling. It is not experiencing any problems breaking down the $0.89 threshold. Since October 24, buyers have controlled the USDCHF market. The price of the currency pair began to rise when it cleared the $0.88 resistance level. At the $0.90 resistance level, a strong bearish engulfing candle pattern appeared, signaling the beginning of a bearish trend. The USDCHF is decreasing and is approaching the $0.88 mark.
The fact that the price of the USD/CHF is below the 9- and 21-period moving averages right now suggests that vendors’ momentum is strengthening. A bearish market is indicated by the Relative Strength Index period 14 at 46 levels. USDCHF may go past the $0.90 resistance level and toward the $0.91 barrier level if the buying momentum is effective in breaking up the $0.89 resistance level. The $0.88 barrier level might be broken by sellers exerting enough pressure, which would cause the price to drop sharply in the direction of the $0.87 and $0.86 levels.
USDCHF Medium-term Trend: Bearish
USDCHF is trending downward in a mid-term standpoint. The beginning of a bearish trend for the currency pair is indicated by the appearance of a double top chart pattern close to the $0.92 resistance level on October 4. Bearish candles are the result of market dynamics. The $0.89 support level was tested on October 24. It retraced to the $.90 level. The sellers’ momentum is currently building and it is aiming for a support level of $0.88.
A bearish market is indicated by the fact that the currency pair is trading below both the 9- and 21-period exponential moving averages. The period 14 signal line of the Relative Strength Index is falling, indicating a sell; the index is currently at 38.
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