USDCHF Price: Will there Be a Bullish Reversal at $0.95 Level?

USDCHF Price Analysis – July 29

Bulls may take over when the support level of $0.95 holds, bullish momentum may increase, USDCHF price may bounce up the level, then, 0.96 levels may be reached and it may incline to $0.97 and $0.98 level.  Should the bears break down the support level of $0.95, the price may decrease towards $0.94, and $0.93 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.96, $0.97, $0.98

Support levels: $0.95, $0.94, $0.93

USDCHF Long-term trend: Bearish

USDCHF is bearish on the long-term outlook. The support level of $0.95 was tested on June 29 by the pressure of bears. The just mentioned level holds and price could not break it down. A bullish engulfing candle formed and the price obey the command. Strong bullish daily candles formed and the price increased to $0.98 resistance level where sellers opposed the buyers. The price bounced off and currently retesting the support level of $0.95.

USDCHF is trading below the two EMAs and the 9 periods EMA is below the 21 periods EMA. The Relative Strength Index period 14 is at 37 levels bending down to indicate bearish market direction. Bulls may take over when the support level of $0.95 holds, bullish momentum may increase, USDCHF price may bounce up the level, then, 0.96 levels may be reached and it may incline to $0.97 and $0.98 level.  Should the bears break down the support level of $0.95, the price may decrease towards $0.94, and $0.93 levels.

USDCHF Medium-term Trend: Bearish

USDCHF is bearish in the medium-term outlook. When buyers lose momentum at the resistance level of $1.00. The price reverses and break down former support levels of $0.97 and $0.96. Sellers are currently dominating the USDCHF market. Pullback was experienced in the USDCHF market last week. Further price reduction is expected.

The 9 period EMA has crossed the 21 periods EMA downside. USDCHF is trading below the two EMAs as the price is decreasing. The Relative Strength Index period 14 is at 39 levels with signal line showing bullish direction.