USDCHF Price Tests $0.93 Support Level, What Next?

Bears’ pressure increases in USDCHF Market

USDCHF Price Analysis –12 November

Should the bears break down the support level of $0.93, the price may decrease towards $0.92, and $0.91 levels. When the support level of $0.93 holds, bullish momentum may increase, USDCHF price may bounce up the level, then, 0.95 levels may be reached and it may incline to $0.96 and $1.02 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.95, $0.96, $1.02

Support levels: $0.93, $0.92, $0.91

USDCHF Long-term trend: Bearish

USDCHF is bearish on the long-term outlook. The resistance level of $1.02 was tested a second time on 03 November by the pressure of bulls. The just-mentioned level holds and the price could not break it up. A bearish engulfing candle formed and the price obey the command. Strong bearish daily candles formed and the price decreased to the $0.93 support level. The former support levels of $0.96 and $1.02 have turned to resistance levels.

USDCHF is trading below the two EMAs at a distance and the 9-periods EMA is bending towards the 21-period EMA. The Relative Strength Index period 14 is at 27 levels bending down to indicate a bearish market direction. Should the bears break down the support level of $0.93, the price may decrease towards $0.92, and $0.91 levels. When the support level of $0.93 holds, bullish momentum may increase, USDCHF price may bounce up the level, then, 0.95 levels may be reached and it may incline to $0.96 and $1.02 levels.

USDCHF Medium-term Trend: Bearish

USDCHF is bearish in the medium-term outlook. Buyers lose momentum at the resistance level of $1.02. The price reverses and breaks down former support levels of $0.95 and $0.96. Sellers are currently dominating the USDCHF market. The pullback may be expected in any trending market. Further price reduction is ongoing.

The 9-period EMA has crossed the 21-periods EMA downside. USDCHF is trading below the two EMAs as the price is decreasing. The Relative Strength Index period 14 is at 18 levels with the signal line showing a bearish direction.

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