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Further increase in the Bulls’ momentum will increase the USDCHF price which may reach the resistance level at $0.92, 0.93 levels and may extend to $0.94 level. In case the bears break down the support level of $0.91, then, $0.90 and $0.89 level may be tested
USDCHF Market
Key Levels:
Resistance levels: $0.92 $0.93, $0.94
Support levels: $0.91, $0.90, $0.89
USDCHF Long-term trend: Bearish
USDCHF is bearish on the long-term outlook. The currency pair was increasing last two weeks when the US Dollar gain strength. The bulls pushed the price above the $0.92 level and tested the $0.93 resistance level. The bulls lose momentum and could not break up the $0.93 resistance level. The bears were able to take over the market with the formation of an evening star candle pattern and this push the price to $0.91 level. It seems the price is pulling back at the moment.
The currency pair is trading below the two EMAs. However, the 9 periods EMA remains above the 21 periods EMA which indicate that, it may be a pullback. The Relative Strength Index period 14 is at 50 levels bending up to indicate buy signal. Further increase in the Bulls’ momentum will increase the USDCHF price which may reach the resistance level at $0.92, 0.93 levels and may extend to $0.94 level. In case the bears break down the support level of $0.91, then, $0.90 and $0.89 level may be tested.
USDCHF Medium-term Trend: Ranging
USDCHF is ranging in the medium-term outlook. The currency pair could not increase further due to weak bullish momentum. It finds it difficult to decrease because the bears’ pressure is weak. The currency pair continue to engage in a ranging movement around the support level of $0.91.
The 9 period EMA is below the 21 periods EMA, USDCHF is hovering over the 21 periods EMA. Meanwhile, the Relative Strength Index period 14 is at 40 levels with signal line parallel to the level indicating ranging movement.
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