USDCHF Price Analysis – May 07
Should the Bears increase their momentum, the price may decline towards the previous low of $0.99 level. In case the Bulls prevail, $1.03 will be the target of the USDCHF.
Supply levels: $1.03, $1.05, $1.07
Demand levels: $1.01, $0.99, $0.97
USDCHF Long-term trend: Ranging
On the long-term outlook, USDCHF is on the ranging trend. The USDCHF price bounced at the demand level of $0.99 on April 01 after a short consolidation. The Bullish momentum propelled the currency pair towards the former supply level of $1.01, the Bulls’ pressure was strong enough to break up the $1.01 level. Shortly after the breakup, the Bulls’ momentum becomes weak and the currency pair started consolidating at the same level.
USDCHF is still trading above the 21 periods EMA and the 50 periods EMA and the currency pair keeps a distance away from the two EMAs which indicate the Bulls still maintain their strength in the USDCHF market.
The Moving Average Convergence Divergence period 12 with its histogram is above zero levels and the signal lines about crossing each other at the level above zero levels which indicates that the Bears are getting ready to bombard the market. Should the Bears increase their momentum, the price may decline towards the previous low of $0.99 level. In case the Bulls prevail, $1.03 will be the target of the USDCHF.
USDCHF Short-term Trend: Ranging
USDCHF is ranging in the short-term outlook. The weakness experienced by the Bulls in their momentum that placed the currency pair at the price level of $1.01 is still the same. There was no significant upward or downward movement in the USDCHF market. The price is still consolidating at the same level.
The MACD period 12 with its histogram is interlocked at the zero levels together with the signal lines to indicate further ranging movement in the Market of USDCHF.
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