Skip to content
Trade Ideas

USDCHF Price: Will There Be a Break Up at $0.98 Level?

Azeez Mustapha
Updated 1 min read
Article Rating:
Based on 1 vote
Login to rate this article.

USDCHF Price Analysis – May 06

Should the bulls break up the resistance level of $0.98, the price may increase towards $0.99, and $1.02 levels. When the resistance level of $0.98 holds, bullish momentum may decrease, USDCHF price may bounce off the level, then, 0.97 levels may be reached and it may decline to $0.96 level.

USDCHF Market

Key Levels:

Resistance levels: $0.98, $0.99, $1.02

Support levels: $0.97, $0.96, $0.95

USDCHF Long-term trend: Bullish

USDCHF is bullish on the long-term outlook. The currency pair increases as the bulls’ momentum increase.  More strong bullish candles were produced and the currency pair increases toward the resistance level of $0.97. It initially pulled back to retest $0.96 level. Bulls gained more pressure and pushed price to penetrate the resistance level of $0.97 and tests $0.98 level.

USDCHF is trading above the two EMAs at a distance and the 9 periods EMA is above the 21 periods EMA. The Relative Strength Index period 14 is at 79 levels bending up to indicate bullish market direction. Should the bulls break up the resistance level of $0.98, the price may increase towards $0.99, and $1.02 levels. When the resistance level of $0.98 holds, bullish momentum may decrease, USDCHF price may bounce off the level, then, 0.97 levels may be reached and it may decline to $0.96 level.

 USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. Bullish momentum increases steadily and resistance levels are turn to support levels such as $0.95, $0.96 and $0.97 levels. The currency pair continues making higher highs, higher lows. The resistance level of $0.98 is tested, at the moment, price is consolidating around $0.98 level.

USDCHF is trading above the two EMAs as the price is increasing. As a sign of bullish market, the 9 period EMA remains above the 21 periods EMA. The Relative Strength Index period 14 is at 59 levels with signal line showing no specific market direction which indicate price consolidation.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
8cap
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Trade Now
avatrade
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Trade Now
avatrade
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
Trade Now
avatrade
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Trade Now

More Trade Ideas