Bears’ pressure may increase in USDCHF market
USDCHF Price Analysis – November 04
When sellers gain more pressure, the support level of $1.00 may be penetrated downside, below it are $0.99 and $0.98 support levels. In case buyers oppose the bearish movement at $1.00, USDCHF may increase towards the support levels at $0.99, and $0.98.
USDCHF Market
Key Levels:
Resistance levels: $1.01, $1.01, $1.03
Support levels: $1.00, $0.99, $0.98
USDCHF Long-term trend: Bullish
USDCHF price is bullish on the long-term outlook. When the price increased to the resistance level of $1.00 it carried out price retracement towards the support level of $0.98 level. The buyers could not accept the price declination. An inside bar candle emerged, and the bulls dominates the market. Price increases and break up the resistance level at $0.99. Further momentum increase of the bears breaks up the barrier at $1.00 and testes $1.01 level. The price is currently pulling back
USDCHF is trading above the 9 periods EMA and 21 periods EMA indicating strong bullish momentum. The Relative Strength Index period 14 is at 58 levels bending down which connote sell signal. When sellers gain more pressure, the support level of $1.00 may be penetrated downside, below it are $0.99 and $0.98 support levels. In case buyers oppose the bearish movement at $1.00, price may increase towards the support levels at $0.99, and $0.98.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish in the medium-term outlook. After the pull back that took place on 26 October, the bullish momentum increase the price above $1.00 level. The just mentioned resistance level could not hold the price. Buyers exerted more pressure and the price increase to $1.01 level. It is currently pulling back.
The 9 periods EMA has crossed the 21 periods EMA upside. USDCHF is trading between the two EMAs as the price is decreasing. The Relative Strength Index period 14 is at 55 levels with signal line exhibiting bearish signal.
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