USDCHF Price:  Will There Be a Further Reduction to $0.915?

USDCHF Price Analysis – April 01

When Bearish momentum increase, USDCHF price may break down the support level at $0.922, then, 0.915 levels may be reached and it may decline to $0.909 level. Should the bulls defend the support level of $0.922, the price may increase towards $0.927, $0.935 and $0.939 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.927, $0.935, $0.939

Support levels: $0.922, $0.915, $0.909

USDCHF Long-term trend: Bearish

USDCHF is bearish on the long-term outlook. The currency pair changed direction when it reached the high of $0.943 level. The bears took over the market with the formation of an inverted pin bar formed at the just mentioned level. The currency pair decline and break down the former support levels of $0.935 and $0.931. At the moment, the price is trying to penetrate the support level of $0.922.

USDCHF is trading below the two EMAs at a distance. The 9 periods EMA is crossing the 21 periods EMA downside. The Relative Strength Index period 14 is at 44 levels bending up to indicate bullish market direction. When Bearish momentum increase, USDCHF price may break down the support level at $0.922, then, 0.915 levels may be reached and it may decline to $0.909 level. Should the bulls defend the support level of $0.922, the price may increase towards $0.927, $0.935 and $0.939 levels.

 USDCHF Medium-term Trend: Bearish

USDCHF is bearish in the medium-term outlook. After the price rejection at the resistance level of $0.947, it could not break up the level. The currency pair started making a lower lows and lower highs as a sign of downtrend.  The support level of $0.922 was reached yesterday.  The price is currently consolidating at the support level of $0.922.

The 9 period EMA remains below the 21 periods EMA as a sign of bearish market. USDCHF is trading below the two EMAs. Meanwhile, the Relative Strength Index period 14 is at 42 levels with signal line pointing up to indicate buy signal.