USDCHF Price: Will There Be a Break Up of $0.89 Resistance Level?

Bulls are exerting more pressure

USDCHF Price Analysis – 15 November

If the buying momentum can sustain over the $0.89 resistance level, USDCHF can move above $0.90 and approach the $0.91 barrier levels. If sellers exert enough pressure, they can force the price below $0.88 and into the $0.87 and $0.86 ranges.

Key Levels:

Resistance levels: $0.89, $0.90, $0.91

Support levels: $0.88, $0.87, $0.86

USDCHF Long-term trend: Bullish

The USDCHF daily chart is trending upward. Last month’s unfavorable USDCHF market helped clients, price found support at $0.84. The USDCHF market was dominated by sellers from May 1 to October 1. The price of the currency pair was almost the same as $0.85 during the preceding two weeks. Near the first suggested level, there was a bullish engulfing candle pattern. Without delay, the price rose significantly to $0.88. Two tests of the previously defined support level signaled the beginning of the bullish trend. Right now, it’s approaching $0.89 level.

The USDCHF exchange rate is currently above the Hull Suite, indicating a positive reversal impulse. Price increases are indicated by the forex signal QQE MOD, which is skewed over the zero line. If the buying momentum can sustain over the $0.89 resistance level, the price can move above $0.90 and approach the $0.91 barrier levels. If sellers exert enough pressure, they can force the price below $0.88 and into the $0.87 and $0.86 ranges.

USDCHF Medium-term Trend: Bullish

It is clear that the USDCHF has a medium-term bullish outlook. The currency pair increased a few days earlier due to a bullish engulfing candle pattern close to the $0.84 barrier level. On August 15, the price made yet another unsuccessful attempt to drop below $0.83. The price is currently closer to $0.89.

When the currency pair trades above the Hull Suite signal, it indicates a bullish market. If the QQE MOD is greater than zero, it is recommended to offer anything for sale.

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