USDCHF Price Analysis – April 30
Today, a daily bearish candle emerged; indicating that the Bears are gradually increasing their momentum. Increase in the Bulls’ momentum will lead to an increase in the USDCHF price which may find its resistance at $1.03 level.
Supply levels: $1.03, $1.05, $1.07
Demand levels: $1.01, $0.99, $0.97
USDCHF Long-term trend: Bullish
On the long-term outlook, USDCHF continues on the bullish trend. The Bulls hold tight to the USDCHF market. At the early stage of last week, the bullish momentum was high and there was a further increase in the price of the currency pair. Later, the momentum became weak; that started on April 24. The Bulls weakness in momentum led to the formation of an inverted pin bar on April 26. Today, a daily bearish candle emerged; indicating that the Bears are gradually increasing their momentum and they may take over the USDCHF market soon.
The currency pair still remains above the two EMAs. The 21 periods EMA maintain its position above the 50 periods EMA and the currency pair keeps a distance away from the two EMAs which indicate the Bulls’ strength in the USDCHF market.
The Relative Strength Index period 14 is above 70 levels bending down to indicate sell signal which may be a price retracement. Increase in the Bulls’ momentum will lead to an increase in the USDCHF price which may find its resistance at $1.03 level.
USDCHF Short-term Trend: Ranging
USDCHF is ranging in the short-term outlook. The Bullish momentum that propelled the currency pair above the price level of $1.01 became weak last week on the 4-hour chart. Currently, the currency is on the sideways movement at $1.01 area.
The 21 period EMA is above 50 periods EMA, USDCHF is directly on the 21 periods EMA consolidating. However, the Relative Strength Index period 14 is at 50 levels with downward direction, which connotes sell signal.
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