USDCHF Price Analysis – June 18
Continuation of the strong bullish momentum may place the price at $1.01 level provided the supply level of $1.00 does not hold. Should the $1.00 level holds, there may be a price reversal.
Supply levels: $1.00, 1.01, $1.02
Demand levels: $0.99, $0.98, $0.97
USDCHF Long-term trend: Bullish
On the long-term outlook, USDCHF is bullish. After the Bears broke down the demand level of $0.99 the bearish momentum got exhausted and the price could not reach the $0.98 level. A reversal candle pattern called inside the bar was produced. The price reversed with the formation of big bullish candles, these candles broke up the $0.99 level. The bullish momentum increased and penetrated the upper trend line of the descending channel. The price has touched the 50 periods EMA and pulled back.
The currency pair is trading in-between the 21 periods EMA and 50 periods EMA with the aim of cross over the two dynamic support and resistance. Meanwhile, the 21 periods EMA is below 50 EMA. The stochastic Oscillator period 14 is at 50 levels with the signal lines strongly pointing upside to indicate a strong buy signal. Continuation of the strong bullish momentum may place the price at $1.01 level provided the supply level of $1.00 does not hold. Should the $1.00 level holds, there may be a price reversal.
USDCHF Medium-term Trend: Bullish
USDCHF is Bullish in the short-term outlook. The Bearish momentum pushed down the price below the demand level of $0.99 and the price touched the lower trend line of the channel and reversed. It has broken up the upper trend line of the descending channel facing $1.00 supply level.
The 21 periods EMA has crossed the 50 periods EMA upside as a bullish trend sign, the USDCHF price is trading above the two EMAs. The Stochastic Oscillator period 14 is above 80 levels with the signal lines pointing up to indicates buy signal.
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