USDCHF Price Analysis – June 25
The price may reverse at the $0.97 demand level in case the Bulls defend the level. Should the Bears increase their pressure and break down the $0.97 level, the price will test $0.96 level.
Supply levels: $0.98, $0.99, $0.98
Demand levels: $0.97, $0.96, $0.95
USDCHF Long-term trend: Bearish
On the long-term outlook, USDCHF is bearish. The USDCHF price has been inside the descending channel for many days. The price was on the bullish movement two weeks ago; the Bulls pushed the pair from the lower trend line on June 10 and placed it at the upper trend line on June 18. A bearish engulfing candle formed at that level on June 19, the price declined towards the lower trend line by breaking the $0.99, $0.98 former demand level then bottomed at $0.97 demand level. Today, a daily bullish candle was produced at the $0.97 level which implies that the price may pull back or reverse at the level.
USDCHF is trading below the 21 periods EMA and 50 periods EMA at a long distance range to each other which connotes that the pair is under strong bearish pressure. The stochastic Oscillator period 14 is below 25 levels with the signal lines strongly pointing down to indicate a strong bearish signal. The price may reverse at the $0.97 demand level in case the Bulls defend the level. Should the Bears increase their pressure and break down the $0.97 level, the price will test $0.96 level.
USDCHF Medium-term Trend: Bullish
USDCHF is Bearish in the short-term outlook. There was a bearish breakout from the descending channel on June 19. The price rolled down and broke down the $0.99 and $0.98 price level, eventually found support at the demand level of $0.97. A bullish engulfing candle has been produced at the same demand level which implies that the Bulls may take over the market soon.
The Stochastic Oscillator period 14 is above 40 levels with the signal lines pointing up to indicates buy signal.
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