USDCHF Price Analysis – April 9
The currency pair started this sideways movement when the Bears bottomed the pair at the demand level of $0.99. The Bulls will have to increase their pressure so as to have the USDCHF price placed at $1.01.
Supply levels: $1.01, $1.03, $1.05
Demand levels: $0.99, $0.97, $0.95
USDCHF Long-term trend: Ranging
USDCHF is on the sideways movement on the Daily chart. The momentum of the Bears and the Bulls were still at equilibrium; that means consolidation is inevitable in the market of USDCHF. The currency pair started this sideways movement when the Bears bottomed the pair at the demand level of $0.99. It was then, it started a sluggish upward movement towards the two dynamic resistance (21 periods EMA and 50 periods EMA).On April 1, the Bulls pushed up the coin and broke up the two EMAs.
At the moment USDCHF is placed above 21 periods EMA and the 50 periods EMA and the two EMAs are interlocked to each other which implies that consolidation is ongoing. The Moving Average Convergence and Divergence period 12 with its histogram above the zero levels and the signal lines pointing up to indicate buy signal. The Bulls will have to increase their pressure so as to have the USDCHF price placed at $1.01.
USDCHF Short-term Trend: Ranging
The sideways movement began on the 4-hour chart immediately after the bearish momentum penetrated the demand level of $0.99 and the currency pair is placed above the two EMAs. Several attempts were made by the Bulls to push the USDCHF price up towards the supply level of $1.01 but the pressure is not enough to push it up.
Also, the Bears’ momentum is not enough to push it down further and that make a sideways movement to continue. The sideways movement may continue until the Bulls gather enough momentum to push the currency pair up towards $1.01 price level.
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