USDCHF Price: Sellers Opposes Buyers at $0.93 Resistance Level

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Bears are dominating USDCHF market

USDCHF Price Analysis – 06 January

The $0.92 support level may be breached on the downside if the sellers exert more pressure, and the downward trend may continue to the $0.91 and $0.90 levels. USDCHF will break through the $0.93 level and go up toward the resistance levels of $0.94 and $0.95 if buyers apply additional pressure and defend the $0.92 support level.

USDCHF Market

Key Levels:

Resistance levels: $0.93, $0.94, $0.95

Support levels: $0.92, $0.91, $0.90

USDCHF Long-term trend: Bearish

Long-term prospects for USDCHF are promising. The bearish swing from the previous week is still evident in the daily time period. Increased seller pressure on December 14 led to a breakdown of the support level of $0.93, which caused the price to drop and test the $0.92 support level. Due to the power of the purchasers, the price increased the next day. Currently, the $0.93 resistance level is being tested. At $0.92, a triple bottom chart pattern is seen, indicating a potential price increase.

The 9-period EMA is below the 21-period EMA, and USDCHF is trading above the 9 periods EMA. A bearish market direction is indicated by the Relative Strength Index period 14 being at 44 levels and leaning downward. The $0.92 support level may be breached on the downside if the sellers exert more pressure, and the downward trend may continue to the $0.91 and $0.90 levels. Price will break through the $0.93 level and go up toward the resistance levels of $0.94 and $0.95 if buyers apply additional pressure and defend the $0.92 support level.

USDCHF Medium-term Trend: Bearish

The USDCHF is bearish in the medium-term outlook. The price was driven by the bears to the $0.92 support level, which has a significant chance of reversal. It appears that the bulls’ push is steadily building while the bears’ impetus is waning. The price attempted to overcome the $0.93 level of resistance but sellers opposed the buyers due to the low strength of U.S Dollars at non-farm payroll fundamental news.

Currently, the 21-period EMA is below the 9-period EMA. The USDCHF is currently trading below the two EMAs, indicating a bearish move. The signal line on the Relative Strength Index period 14 is pointing downward at 44 levels.

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