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Sellers may dominate USDCHF market soon
USDCHF Price Analysis – 31 May
If the buying momentum can sustain above the $0.91 resistance level, the price can break past $0.92 and approach the $0.93 barrier levels. If sellers exert enough pressure, they can drive USDCHF past $0.90 and into the $0.89 and $0.88 zones.
USDCHF Market
Key Levels:
Resistance levels: $0.91, $0.92, $0.93
Support levels: $0.90, $0.89, $0.88
USDCHF Long-term trend: Bearish
The USDCHF daily chart is trending downward. Although not by nearly as much as $0.91, purchasers were assisted by a bull market in the USDCHF. The USDCHF market has been controlled by buyers since January 3. The price of the currency pair got close to the $0.89 resistance level on January 23. Near the previously suggested level, a bullish engulfing candle pattern emerged, and the price quickly rose towards $0.91, indicating a significant increase. The just mentioned level tested twice indicating the commencement of bearish movement.
USD/CHF exchange rate, which is now lower than it was during the Hull Suite, indicates a bearish reversal impulse. Price decreases are indicated by the forex signal QQE MOD, which is angled above the zero line. If the buying momentum can sustain above the $0.91 resistance level, the price can break past $0.92 and approach the $0.93 barrier levels. If sellers exert enough pressure, they can drive the price past $0.90 and into the $0.89 and $0.88 zones.
USDCHF Medium-term Trend: Bearish
It is clear that the USDCHF is decreasing in the medium run. When a double-top chart pattern appeared last week close to the $0.91 resistance level, the currency pair began a decrease. On May 1, the price rose to test the $0.92 resistance level, but it was unable to maintain the momentum. It pulled back, retesting the $0.89 level once more. Right now, the price is falling once more and approaching the $0.90 barrier level.
The currency pair’s trading below the Hull Suite forex signals indicates a bearish market. If the QQE MOD is less than zero, sellng is encouraged.
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