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USDCHF may decrease further
USDCHF Price Analysis – 10 November
If the purchasing momentum is successful in breaking over the $0.90 resistance level in USDCHF market, the price can move past the $0.91 resistance level and in the direction of the $0.92 barrier levels. If sellers put in enough pressure, they might break through the $0.89 barrier level, which would send the price down into the $0.88 and $0.87 levels.
USDCHF Market
Key Levels:
Resistance levels: $0.90, $0.91, $0.92
Support levels: $0.89, $0.88, $0.87
USDCHF Long-term trend: Bearish
USDCHF daily chart is negative. The USDCHF is currently being controlled by sellers, and it is declining. It is not having any trouble surpassing the $0.91 barrier. The USDCHF market has been under buyer control since October 24. After the currency pair broke through the $0.88 resistance level, its price started to surge. A powerful bearish engulfing candle pattern formed at the $0.90 resistance level, indicating the start of a negative trend. The USDCHF is getting closer to $0.88 and is declining.
The USD/CHF exchange rate is currently below between the 9- and 21-period moving averages, indicating a strengthening of the vendors’ momentum. The Relative Strength Index period 14 at 52 levels indicates a bearish market. If the purchasing momentum is successful in breaking over the $0.90 resistance level, the price can move past the $0.91 resistance level and in the direction of the $0.92 barrier levels. If sellers put in enough pressure, they might break through the $0.89 barrier level, which would send the price down into the $0.88 and $0.87 levels.
USDCHF Medium-term Trend: Bearish
USDCHF is on the decline from a medium-term perspective. The emergence of a double top chart pattern near the $0.92 resistance level on October 4 signifies the start of a bearish trend for the currency pair. Bearish candles are a reflection of the state of the market. On October 24, the $0.89 support level was put to the test. It pulled back to the $0.90 mark. The sellers are presently gaining pace and attempting to reach the $0.88 support level.
The fact that the currency pair is trading below both the 9- and 21-period exponential moving averages suggests a bearish market. The Relative Strength Index’s period 14 signal line is declining, suggesting a sell; the index is currently at 55.
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