USDCHF Price: Will There Be a Bearish Reversal at $1.01 Resistance Level?

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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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.