USDCHF Price Shows a Declining Trend

Bears are ruling USDCHF market

USDCHF Price Analysis – 19 December

The price may rise above $0.82 and get closer to the $0.83 hedging scenario if the buying impulse can hold above the $0.81 resistance position. If merchandisers put forth enough effort to lower the price from $0.80 to $0.79, they can still lower it to $0.78.

Key Levels:

Resistance levels: $0.80, $0.81 $0.82

Support levels: $0.79, $0.78, $0.77

USDCHF Long-term trend: Bearish

Over the past three days, the USDCHF chart has been showing a downward trend. The price was set at $0.84 about two months ago, and since then, there has been significant demand for USDCHF. Since March, the market for USDCHF has been controlled by traders. A few days ago, the exchange rate was at $0.81. At the first recommended entry point, a bearish engulfing candle pattern appeared, and the price dropped to $0.80. The price has continued to fall, and a bearish harami candle pattern was also spotted near the first expected resistance level. The current target price is $0.79 due to the strong reversal seen in the chart.

There is a bearish momentum as the USDCHF exchange rate is currently below the Hull Suite.

The forex signal QQE MOD, which is below the zero line, shows a declining trend. If the buying pressure can hold above the $0.80 resistance level, the price may rise above $0.81 and approach the $0.82 hedging scenario. If traders push the price down from $0.79 to $0.78, it could continue to drop further to $0.77.

 

USDCHF Medium-term Trend: Bearish

The medium-term outlook for USDCHF is bearish.  A few days ago, the twin top chart pattern at the $0.80 hedging level created downward pressure. On October 13 at $0.79, the price attempted to break above the inner bar candle pattern, but the trend turned bearish afterward. The price has been declining, and the market may surpass the previously expected barrier at $0.79 if bulls can achieve the $0.81 target. At present, the bears are in control.

A bearish trend is confirmed when the currency pair crosses below the Hull Suite signal. If the QQE MOD is below zero, any selling pressure is considered negative.

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