USDCHF Price Analysis – March 26
The currency pair is currently consolidating at $0.99 price level. Increase in the Bears’ momentum will break down the $0.99 price level and target $0.97. Otherwise, the price may reverse at the demand level of $0.99.
Supply levels: $1.01, $1.03, $1.05
Demand levels: $0.99, $0.97, $0.95
USDCHF Long-term trend: Bearish
The demand level of $0.99 was reached as predicted last week when the last leg of the Double top Pattern was formed. The momentum of the Bears and the Bulls were at equilibrium and that is what led to ongoing consolidation at the demand level of $0.99. On March 22, the Bulls made an effort to push up the coin towards the supply level of $1.01 but were resisted by the Bears at the dynamic resistance level of 21 and 50 periods EMA. The currency pair is currently consolidating at $0.99 price level.
USDCHF is trading below 21 periods EMA and the 50 periods EMA with the former EMA about to cross the later EMA downside; this is to indicate that the bears are in control of the USDCHF market. However, Relative Strength Index period 14 is at 40 levels with the signal lines pointing up to indicate buy signal. Increase in the Bears’ momentum will break down the $0.99 price level and target $0.97. Otherwise, the price may reverse at the demand level of $0.99.
USDCHF Short-term Trend: Bearish
The bearish trend penetrated the demand level of $0.99 on the 4-hour chart. The bears’ momentum became weak and that resulted in sideways movement within the ascending channel, which may be pullback before the pair continues its downtrend movement. The currency pair remains below the two EMAs and the 21 periods EMA is far apart from the 50 periods EMA as a sign of a bearish trend.
The RSI period 14 is above 40 levels with the signal line point up to indicate buy signal which may be a pullback.
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