Bulls may dominate the USDCHF market
USDCHF Price Analysis –02 December
In case the buyers exert more pressure in the USDCHF market, the Price will increase toward the resistance levels of $0.94, $0.95, and $0.96. When the support level of $0.93 is penetrated downside, bearish momentum may increase, USDCHF price may sink to $0.92, and $0.91 support levels.
USDCHF Market
Key Levels:
Resistance levels: $0.94, $0.95, $0.96
Support levels: $0.93, $0.92, $0.91
USDCHF Long-term trend: Bearish
USDCHF is bearish on the long-term outlook. Sellers are holding onto the USDCHF market since 04 November. The currency pair could not break up the resistance level of $1.01. The currency pair declines and broke down the support levels of $0.95 and $0.94. Last week, sellers intensify their pressure and the support level of $0.93 is tested. It seems the price action is trying to form a “W” chart pattern.
USDCHF is trading below the two EMAs and the 9-periods EMA is below the 21-period EMA. The Relative Strength Index period 14 is at 34 levels bending down to indicate a bearish market direction. In case the buyers exert more pressure in the USDCHF market, the Price will increase toward the resistance levels of $0.94, $0.95, and $0.96. When the support level of $0.93 is penetrated downside, bearish momentum may increase, USDCHF price may sink to $0.92, and $0.91 support levels.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish in the medium-term outlook. The price action is trying to form a bullish chart pattern called the Double bottom chart pattern. Today, sellers dominate the market and the support level of $0.93 is tested. There is a tendency for the bulls to dominate the USDCHF market next week.
The 9-period EMA is already below the 21-period EMA. USDCHF is trading below the two EMAs as the bearish movement signal. The Relative Strength Index period 14 is at 39 levels with a signal line showing a bearish direction.
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