USDCHF Rebounds and Recovers, Returning to Its Uptrend Movement

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USDCHF Price Analysis – December 11

USDCHF rebounds from a strong monthly demand level to recover back to its uptrend movement. The market has been strongly affected by bearish influence since late November last year. There was first a strong dip from 0.93770 that plunged the price to 0.91570. The USDCHF recovers from the demand level, but the further market rise is complicated by bears pushing the price back and forth. Eventually, the market dropped to an even lower demand level.


USDCHF Significant Levels

Supply Levels: 0.92740, 0.93350, 0.93770
Demand Levels: 0.90360, 0.91070, 0.91570

USDCHF Rebounds and Recovers, Returning to Its Uptrend MovementUSDCHF Long Term Trend: Bullish

Bearish interception can be found throughout the escapade of the USDCHF market, but despite that, the price has maintained a gentle uptrend. The highest supply level that the market has reached is the 0.93770 price level. However, with increasing price levels, USDCHF is expected to eventually breach this resistance level. Towards the end of the year 2021, bears have cracked down harder on the market such that the price has slipped off its uptrend line.

Just like several instances in the USDCHF market, after dropping off below its uptrend line, the price rebounds off the 0.91070 using a bullish engulfment candlestick pattern to climb to the next price level. From there, there have been further upside movements to reach below 0.92740. The Stochastic Oscillator has climbed into overbought territory and this is a sign of a pullback as the market itself currently shows a bearish candlestick.

USDCHF Rebounds and Recovers, Returning to Its Uptrend MovementUSDCHF Short-Term Trend: Bullish

On the 4-hour chart, USDCHF has been rejected at 0.92740 and is currently retracing. The Stochastic Oscillator lines are now dipping from an overbought level. The bullish power of the market should help the price rebound and break the supply line. The MA period 14 is below the 4-hour candlesticks to spring it back upwards. 0.93360 is the target when the price breaks the current resistance.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.