USDCHF Price Tests a Potential Bullish Reversal Level

The bulls’ pressure is increasing

USDCHF Price Analysis –18 November

In case the buyers exert more pressure in the USDCHF market, the Price will increase toward the resistance level of $0.95, $0.96, and $0.97.  When the support level of $0.94 is penetrated downside bearish momentum may increase, USDCHF price may sink to $0.94, $0.93, and $0.92 support levels.

USDCHF Market

Key Levels:

Resistance levels: $0.95, $0.96, $0.97

Support levels: $0.94, $0.93, $0.92

USDCHF Long-term trend: Bearish

USDCHF is bearish on the long-term outlook. Two weeks ago, the currency pair was on a strong bearish momentum. The USD/Swiss Franc played the way it was predicted according to the formation of a bearish chart pattern called “Double Top”. The bearish momentum placed the price at the support level of $0.93 as it was predicted. Last week, it seems the bears’ momentum is weak and bulls are getting ready to take over the market. Price is currently increasing gradually.

USDCHF is trading below the two EMAs at a close range and the 9-periods EMA is below the 21-period EMA. The Relative Strength Index period 14 is at 25 levels bending up to indicate a bullish market direction. In case the buyers exert more pressure in the USDCHF market, the Price will increase toward the resistance level of $0.95, $0.96, and $0.97.  When the support level of $0.94 is penetrated downside bearish momentum may increase, USDCHF price may sink to $0.94, $0.93, and $0.92 support levels.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. The bears have successfully pushed the currency pair to a support level of $0.94. The bearish momentum is exhausted in the 4-hour time frame. The buyers are gaining more momentum and the price is reversing. The $0.94 level is already broken upside and the price is trying to break up the $0.95 level.

The 9-period EMA has crossed the 21-periods EMA upside. USDCHF is trading above the two EMAs as the price is increasing. The Relative Strength Index period 14 is at 53 levels with a signal line showing a bullish direction.

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