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.
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